Reverse mortgages have long been popular in foreign countries , particularly in europe and America . What do you know about it ?
To begin with, we suggest you remember what a mortgage is on Money Expert. It is a targeted long-term loan, which the bank grants for the purchase of real estate. This object can be an apartment, a private house or even a commercial property. Drawing a line of analogy, it's not difficult to guess that the reverse mortgage loan is a phased sale of the property to the bank or any other financial institution. That is, you don't pay money to the bank for your apartment, but the bank pays money to you to get that apartment.
This program is designed for retirees. It can be compared to a life annuity. There are certain similarities as long as the person is alive, he gets money for his real estate. After death or at the expiration of the contract, the property passes into the ownership of the bank.
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