Home ownership can be a guarantee if ever needed extra income.

Having owned a house can generate benefits in the future but it is necessary for sale. A person who has attained 65 years or someone who has a high dependency or severe dependence could supplement their income using your home as collateral but without losing the ownership of it.

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A person 65 years or more is in perfect condition to start living a new life. But it can also suffer setbacks even before reaching that age. An accident or other emergency could put anyone in a situation of dependency.Whether starting a new course to help pay for the disability may be needed money How to complete the pension? Is it possible to improve the income if you have a property? How? The answer is: through the reverse mortgage.

What is needed to formalize the reverse mortgage

To constitute the Reverse Mortgage need to have a house and great dependency, severe dependency or 65. If possible you should use the property as collateral which usually resides as this will get tax benefits.In addition to these requirements is housing need is assessed, because the value of the property will be used to generate the amount of income. The house must also be insured against damage.

What is reverse mortgage

In the case of the reverse mortgage would be contrary to the situation mortgage as we know it. A person has a property where you receive an income for the bank without incurring a loss of home ownership.There are two types of reverse mortgage, the lifetime and the temporal. With a reverse mortgage you receive income for life until death of the owner of the house. In the case of more than one owner is entered income until the death of the last owner. In the case of temporary mortgage perceived gains during a certain period of time.

The holder housing continues to own the house. At his death his heirs, if there are any, will decide if they choose to repay the loan or allow the bank to stay with the house. A reverse mortgage can be canceled at any time.

What income will receive

You can receive a income monthly or a lot of money at one time. The money will receive depends on the age of the person applying for the mortgage, housing value and sex. The older and larger the more income the property price will win. It will also influence whether you are male or female because the life expectancy of women is higher than that of men.

The longevity of the materials poses problems and among them is the lack of purchasing power. However, the ownership of a property could contribute to improving this situation. The reverse mortgage offers the possibility of increasing income for people at any given time may need it. If you receive a pension and is not enough to live, the amount obtained from the reverse mortgage can be used as a supplement.

The possibility exists, but in the current crisis is likely to be difficult to achieve. As he said Juan Fernandez-Aceituno in the blog that bears his name “the product is merely testimonial and there are few operations that crystallize. ” Although, on the other hand, there is one person product also has the power to apply.