It is a type of loan that one person perceives an income, usually monthly, and which can having lifelong or temporary nature.
The income is calculated based on the age and sex of the applicant and the value of their home.
- At the death of the older person the heirs kept up the ownership of housing, although they must cancel the existing load with the financial institution.
- The obtained incomes are exempt from in income tax.
- Costs are much lower than own a normal costs mortgage, as well as not to pay the stamp tax.
- The product is contracted with a financial institution (Bank) and is signed in front of a public notary.
Examples of reverse mortgages:
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