What is a mortgage loan?
The Mortgage Loan Annuity , is a form of personal loan and should not be confused with the mortgage loan , it is a small revolution in the cultural, rather than financial, thanks to the fact that you do not have to return the money borrowed ( at least as long as you are alive).
The mortgage annuity loan in fact, is very used in the Anglo-Saxon countries, and is designed for those over the age of 60, is a homeowner, but does not have a very high pension, or still wants to continue living and having fun even after this age , and therefore needs liquidity .
Arrived at a certain age, then, you can go to the bank and get a loan by guaranteeing one of the real estate (a house).
What is the Mortgage Life Loan :
It is a particular type of loan without installments , which consists in having money from the bank or financier and giving in exchange a guarantee on a property owned, that is a house, but no more than one.
Who is entitled to a Mortgage Life Loan :
All homeowners over the age of 60, the house.
Of course, it must not have a previous mortgage and must be ALL of the debtor’s property.
The loan amount can be from 15% to 60% of the value of the property.
The older you are and close to death, the more the bank will be willing to lend money.
How to reimburse a Mortgage Life Loan:
Here is the innovative and revolutionary part of this new financial instrument :
The debtor will not have to return even 1 euro .
On the death of the debtor, the heirs can decide whether to take the house and pay off the loan, or if you put the house in the market, sell it then take part of the value of the inherited house sold, the other part goes to repay the loan made by dead relative.
The interest rate can be stipulated in various ways: fixed, variable, etc. The new rules say that these interests can either be paid together at the time of the contractor’s death, or they can be paid gradually, so as not to pay on the whole of the capitalization.
Taxes to be paid:
All the taxes of the house, however, must be paid by the owner, and we are talking about IMU, TARI, Tasi etcetera.
This new form of loan will have tax exemptions : exemption from stamp duty, register, mortgage and land tax and taxes on government concessions, thanks to the payment of a substitute tax (0.25% of the total amount of subsidized loans disbursed 2% if not referred to first home and related appurtenances).
Should you take a mortgage loan, or not?
First of all, we need to distinguish between 2 types of people : those who have close relatives to whom they hold (for example children, grandchildren, etc.) and those who do not have close relatives, or have them but do not have relations with them or even ignore them. Why not take advantage of your own good, using them to the end? Once those who had no heirs left the property to the Church, this is one of the major reasons why the Catholic Church finds itself with enormous real estate. With this loan on the house, on the other hand, you can have some nice money that can help Our poor pension to make us live more dignified. If we have a property that is worth 100 thousand euros, and we are 60 years old, we could have at least 15 thousand euros of loan, which are not so many, but it is a liquidity available, without having to worry about giving it back, at least until we will not be alive.