Source: www.sxc.hu
You will be able to take a loan secured by mortgages on the house or apartment – assumes the Law on the reverse mortgage, which takes effect on Monday. Borrowings under these facilities may, however, be initially difficult to obtain, because the banks do not burn their implementation.
Reverse Mortgage is intended to enable the holders of the property release capital tied up in them. The owner incurring a loan, gets the money – all at once or in installments – in exchange for that, after his death, the bank will take over the apartment or repurchase them from his heirs.
With the principle of reverse mortgages is designed for seniors, but the law does not specify a minimum age of people who can use it. Customers will be individuals who are owners of real estate or cooperative entitled to property ownership or right of perpetual usufruct. The agreement may be concluded either by a single person, as well as marriage. In this case, after the death of a spouse, the money will be paid out on.
The payment of funds under a reverse mortgage can be one-time or in installments, the number of installments and the amount will be specified in the contract. Measures, however, can not be paid more than the death of the borrower. If the value of housing will be higher than the loan with interest, the bank taking over the apartment, the owner died, the difference will have to pay the heirs.
Martin Krasoń, an adviser to the company Home Broker in November analysis showed that this mechanism protects the family of the deceased borrower before taking over his apartment for a song. “After the death of the bank customer will be required to measure the property and pay the heirs of a difference. The banks are here to make money on interest, rather than taking the property for a fraction of the market value,” – says.
According to Krasonia customers should expect dump bank bids in the first days of the new regulations. “At the moment, banks + + sniff out a new solution,” – he says.
In confirmation of the results cited survey of bankers by his company. It shows that the chances of the fact that December 15 appear on the market offer a reverse mortgage are small. “MBank says explicitly that it is involved in several other projects and so far reverse mortgages do not interest him. Bank Post sees great potential in a new product, but first wants to make a thorough analysis of the profitability of the product and the necessary inputs for its implementation and operation” – financial advisor says.
In his view, the same approach to the issue of BZ WBK and the largest bank in the market – PKO BP. Other banks, like: Bank Millennium, BGZ, BNP Paribas at the moment are not interested in the implementation of the reverse mortgage to offer. The only institution that in the study of Home Broker has expressed particular interest in this product is the Polish Cooperative Bank, but also on the work on its implementation is expected to start early in the fourth quarter of 2015.
MF, which has prepared a bill, indicating ” Reverse Mortgage, successfully used for decades in many countries around the world. Their experience shows that people who use this service are in large part the elderly. For this reason, the rules under which it will be offered reverse mortgage, constructed so that enjoying provide the best protection of their rights. “
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