The owner can remain up to the end of her life in her own home and yet already in his lifetime money their real estate “quasi sell”. The reverse mortgage provides planning security because data on the pension (amount of the monthly pension, interest rate, duration, etc.) are set in advance. A sale that can real estate – for example in the case of care – will contractually agreed. From the sale proceeds as realized, the loan is then to pay off.
Disadvantages of a reverse mortgage are essentially: the reverse mortgage is a relatively expensive product. The same applies to the acquisition fee and the reinsurance of the lending bank against longevity risk of the owner. Because the real estate used as collateral for the reverse mortgage, she can be more otherwise used. Very clear agreements in regard to future costs for maintenance and if necessary also for renovations are to meet to avoid future trouble.
Advantages and disadvantages of a reverse mortgage
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