The use of a reverse mortgage is common in some people over 65 who have owned a house, have failed to provide in their old age pension that they can live in good conditions. With a reverse mortgage a person can be received in installments, a monthly payment for the value you would if you sold the house, with the advantage that it can continue living there until you die and your heirs retain the same rights.
At death, the house will be owned by the bank that financed the operation if the heirs should not do against the loan. Such products are widespread and there are some so-called housing similar as pension, mortgage or transfer pension for rent.
For a reverse mortgage must fulfill the following requirements: that the applicant and that it can designate beneficiaries are aged less than 65 or suffering from severe or high dependency unit, that the creditor is the amount of the loan or credit by regular or unique provisions (income), that debt is only callable by the creditor (bank or cash) and enforceable security when the borrower dies or, if so stipulated in the contract, upon the death last beneficiaries and that the mortgaged property has been appraised and insured against damage in accordance with current legislation.
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