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According to the OECD Global Pension Panorama report , Mexico is the OECD member country with the lowest replacement rate, which is reflected in insufficient pensions for millions of retired Mexicans. Given this, some alternatives arise, such as the reversible mortgage, which allows the owner to receive an income in installments for his mortgaged house.
The most recent labor reforms have come to affect the pension scheme received by retired workers. In addition to this, the increase in the cost of the basic food basket and the payment of basic services have severely affected the economic solvency of retired workers. Given this, the reverse mortgage is an option to protect or reinforce the income received by retirees or older adults who do not receive a pension or do not have an afore.
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Six questions about the reverse mortgage
• What is a reverse mortgage?
• How many types of reverse mortgage are there?
• What are the requirements to apply for it?
• What are the benefits of a reverse mortgage?
• How much income can you get with a reverse mortgage?
• What happens if the beneficiary dies?
What is a reverse mortgage?
A reverse or reversible mortgage is a credit or loan designed for people over 65 years of age, which will have a home as collateral without having to sell it or lose ownership. This mortgage will guarantee a series of monthly , quarterly or semi-annual benefits that the elderly will receive according to their age and the value of the property.
How many types of reverse mortgage are there?
We currently know of three different types of reverse mortgage:
• Single Disposition Reverse Mortgage . As its name indicates, the single disposition reverse mortgage generates a payment for the value of the mortgaged home in a single installment, this payment will be based on the appraised value of the property.
• Life Reverse Mortgage . In the case of the lifetime reverse mortgage, the beneficiary will receive a monthly income for life. The issuance of this payment contemplates a fixed interest and a lifetime income insurance, which would be activated if the beneficiary remains alive beyond the term established in said loan.
• Temporary Reverse Mortgage . Finally, for the temporary reverse mortgage, a monthly income will be received for a time agreed by both parties. During this period, the total value of the property will be received, however, having received the total value of the house, the monthly rent will no longer be received, although the beneficiary will still be able to live in their property. This can be a good option for people in advanced age or with financial difficulties.
What are the requirements to apply for it?
The requirements to apply for a reverse mortgage are:
• Be over 65 years of age
• Act as the owner of the home
• Not having an existing mortgage loan
• Cover the expenses of home appraisal, payment of agency, notary and tax settlement
What are the benefits of a reverse mortgage?
One of the greatest benefits of a reverse mortgage is that the owner will be able to remain living in his home, and he will not lose ownership of the home during the payment of the rent issued by the financial institution, since, if the payment of the total value, the owner may decide the future of ownership of the property. In addition, the beneficiary will decide if he receives his rent in monthly, quarterly or semi-annual periods, or in a single payment. In addition, if the financial institution and / or the contract allows it, the property may be rented partially or totally.
What happens if the beneficiary dies?
In the event of the death of the homeowner, the heirs may decide whether to return the money previously delivered by the bank to keep the home ownership or they may also collect the remainder of the loan and continue with the prior agreement. The term to carry out these movements is usually one year.
How much income can you get with a reverse mortgage?
As discussed previously, the reverse mortgage can be requested in a single, temporary or life-time arrangement. In the case of life or temporary mortgages, the income that the beneficiary receives will depend on the value of their home and their age, since the older the owner, the higher the monthly, quarterly or semi-annual payment for said mortgage.
Now that you have this information, share it with an older adult who needs alternatives to supplement their income. Remember that Vivanuncios is # 1 in real estate and here you can find the home of your dreams for sale.