Archive for the ‘Mortage’ Category
After the adjustment of the Reverse Mortgage Law 41/2007 on Modernization of the mortgage market, the fact is that the way to implement this product has been very consistent on the part of financial institutions and insurance companies that have opted for their development.
Thus, and according to the standard, this is a home equity line in which the older people get regular provisions (and any currently markets the option of paying a single amount), and where the accumulated debt is required only to death of the beneficiaries. Very similar are also the other conditions: the interest rate is fixed for the duration of the claim, supports the provision of initial amounts as an advance and the possibility of hiring an insurance guaranteeing payment of the monthly fees for life.
This homogenization of conditions and the media coverage that has existed in recent years has led to Seniors go to the Supreme demanding the hiring of a “reverse mortgage”, but the product that is offered may be some cases variations on these generic conditions that older people think they are always applicable.
In this regard, Carlos A. Martinez Cerezo, President of the group to remove mention should be made manifest that the so-called Pension Mortgage Financial Institutions that give the person more credit for an amount equal to a percentage of the appraised value, generally around 70% – 80% , automatically engaging with that amount insurance annuities which guarantee a monthly payment plus the payment of interest. Read the rest of this entry »