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Life annuity
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 Loan For life Mortage or PVH, three letters which made run much ink since months: some are for the different one are counter… Always it is that a very great number of seniors awaited this new financial product impatiently.
In a context of ageing of the population, this new type of loan in France, which already exists in the Anglo-Saxon countries could come to assistance of the 5.6 million households of more than 60 years which are owners of their housing, in the event of financial difficulties.
Indeed, while having a house or an apartment, these elder encounters sometimes problems of liquidities all while not laying out more right of loan.
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The general characteristics of this loan (which can apply to a main home or secondary or a tenement) are: the payment of funds without load of refunding imposed to the borrowers before the supervening of one of these events: death of the last of the Co-borrowers, transfer of the good subject to payment or free or dismemberment (except that resulting from the death of the 1st Co-borrower).
In addition, contrary to the sale in life annuity, the recipients remain fully owners of their walls. What happenhappens heirs: this loan is announced like always favorable to the latter.
The debt (capital or office plurality of the paid revenues, raised interests) is reached a maximum with the value of resale of the building at the day of the death: if the good is worth less, the bank supports the loss, if the good is worth more, the differential is allocated to the heirs.
Accessible to the seniors as of age the 65 years Possible catch of guarantee on:
- Quotas of full or naked-property
- On a main home or secondary or a tenement Provision of the customer of the documents to be presented at its notary allowing to collect the description useful of the good to be mortgaged.
Real expertise:
- Cost limited to 600€ including all taxes, naturally offered to the customers who take action on our offer of loan.
- Minimum Loan: 20.000€
- Expenses of file: reduced to 4% (up to 5% observed abroad)
- Rate: 8%
- not-comparable with a real traditional credit
- dependent on the levelling off of the debt which creates an asymmetry favorable to the heirs:
- The losses are supported by the Bank
- The real benefit are allocated to the heirs
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 Stage 1 - The eligibility of the real estate and the borrower, to mortgage well: devoted exclusively to a use of dwelling (in opposition to a professional use), it can thus be a question of a main home, a second home or a good of rental use. Borrower: individual (not of SCI), owner of the good
Stage 2 - Determination of the amount of the loan The lender establishment decides maximum amount of the loan which it can grant, in function, overall, of these parameters: Appraised value of the real estate as a preliminary Supposed duration of the loan (life expectancy)
Stage 3 - The notary, a council and a relay impossible to circumvent The acceptance of the offer of loan by the borrower and the catch of mortgage security are done in front of notary. This last will be able to make profit the borrower from his councils and will appreciate the PVH as a solution appropriate with its patrimonial situation and its concerns.
Stage 4 - Obligations of the borrower During the life of the loan, the obligations are as follows: Safeguarding of the value of the good and care of a good father of family: to carry out the servicing, to do work so necessary, no modification devaluing by its use (for example, to put in hiring a main home can decrease its value). The lender establishment can make sure that the good is in good condition of maintenance and conservation
Stage 5 - End of the loan The loan is completed if one of the following events intervenes: death of the last Co-borrower transfer of the good or the good mortgaged with a third dismemberment of the good Levelling off: following the one of these events, whatever the amount of the debt, the sum then claimed by the lender establishment to refund it will not be able to exceed the value of the good at the time of the event.
Refunding: if it is about the death of the last borrower, the heirs can choose between the refunding of the debt and the resale of the good.
NB: constantly, the borrowers can refund the debt, if they wish it
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 The loans mortage life annuity and refillable mortage holder The loan for life mortage, which makes it possible to the owner of a real estate to obtain resources without having from them to sell it.
It can contract a loan near a credit institution guaranteed by a mortgage made up on its real estate. Refunding is carried out either with the death of the borrower by the sale of the good, or at the time of the sale of the good.
The distribution of the loan for life mortage should begin at the beginning of 2007, once the credit institutions will have finalized their commercial offer. These two products should bring to the French the means of financing their projects under the best conditions of cost.
They should indeed make it possible the households to use, if they wish it, their real inheritance to facilitate the financing of their projects of investment and of consumption the ministry indicates.
And to specify that the secured credit by a refillable mortgage can enable them to better distribute their consumption throughout the life.
With the loan for life mortage, the old people could be given new resources very continuously to occupy their housing. In order to protect the consumers against the risks which these products can present, the government envisaged a specific framing which supplements the general rules applicable to the credit in France.
According to Bercy, these financial and legal innovations, intervening in a context where housing represents an increasing share of the household expenses, fall under the general policy of the government aiming at improving the purchasing power of the French.
CAUTION!!! Federal Union of Consumers (UFC) That To choose met keeps the consumers of them: by contracting a refillable mortgage or a loan for life mortage, the consumers are likely, in the event of nonrefunding, to lose their main home.
And to stress that for the organizations of credit, any risk: the mortgage taken on the dwelling the met safe from any failure of the borrower. Contrary, any defect of refunding of the private individual signs the sale of his main home.
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Life annuity
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