The reverse mortgage is a type loan where a financial institution grants certain amounts to a client, either monthly or at the time of constituting the mortgage, equivalent to the value of your home and that at the time of death must either pay the remaining amounts and the house will become the property of the bank or return the amounts paid to date and remain heirs.
What are the requirements? Can it be cancelled?
The requirements are: that the person hiring is over 65 years of age, that he is his habitual residence, that he resides within the national territory, that the dwelling object of the mortgage has no burden, that the dwelling is owned by him and that there are heirs who take charge of the debt.
Who owns the house?
You are still the owner of the house, you could even rent it.
Is the customer obliged to return the quantities?
In this type of mortgage loan, the client does not have to return the amounts that the financial entity lends him, it will be the heirs in case they want to continue being owners of the house the ones that will have to pay the amounts lent to date, otherwise they will not have to pay any amount, with the consequence of losing the house.
Do you need to complete your retirement? Do you need to obtain more profitability without having to pay anything? In Llorente & Rayon we advise you on this type of mortgage, so you can get higher returns and continue to own your home.
The importance to have a lawyer specialized in banking issues
When any scenario where you should make a legal claim arises, it is very important to seek the support of expert professionals in the area to guide you to get ahead with this situation.
There are circumstances related to this area, such as the floor clause, bad banking practices, preferred shares, as well as claims against financial advisory companies, among other scenarios.
The floor clause or mortgage land was present in the mortgage contracts, indicating the minimum interest rate that will be applied during the period of the mortgage payment, regardless of whether the Euribor decreases. This means that even though interest rates fall, this clause does not allow it to fall more than what has been indicated in the contract.
The advisable thing for this, and other cases, is that the person looks for experts to accompany him in each step of the process to obtain the victory: that perform specialized services in the claim of complex banking and financial issues.
That is why the choice of your representative is key to achieve success in legal processes, because this person is who will look after you, therefore they must know this area of law thoroughly, as well as have experience.
In Llorente & Rayón we have lawyers and economists specialized in claims for floor clauses, mortgage constitution expenses, preferred shares, Bankia shares, Banco Santander values and other complex financial products.