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.
Not always we can how to distribute our goods between the inheritors, know how to realize this operation of an efficient and simple way it is something fundamental. From Llorente & Rayon we help him in order that it could organize his testament or for any claim of inheritance.
What is it necessary to bear inheritance in mind?
The first thing that we must know is that when we realize the testament there are certain parts which one cannot have freely, the legitimate ones or also so called necessary inheritors compose it: 1. ° The children and descendants I concern of his parents and ascendancies. 2. ° For lack of the previous ones, the parents and ascendancies I concern of his children and descendants. 3. ° The widower or widow in the form and measure that establishes this Code.
There corresponds to these inheritors as minimum a third of the inheritance, which it can increase in another third more with the third of improvement and finally we have that of free disposition where we can have freely to administer it without any limitation.
Since we see it is a complex step, not only to organize the testament but to know that well versed are prepared to the succession and as being able to claim it.
From Llorente & Rayon in any doubt that him could arise on this topic and help him in all the steps of claim.
In order to acquire the goods and rights that make up the deceased’s estate, first of all, it must be accepted.
This acceptance may be express or implied.
Express acceptance; it can be given in a private document or in a notarial deed.
Tacit acceptance; acceptance is presumed for the performance of acts by the inheritor of the goods granted for their possession.
Ways to accept the inheritance
Pure and simple acceptance; only recommended in those cases in which there is absolute certainty that the debts of the deceased do not exceed the amount of the assets that make up the inheritance. If not, the inheritor would have to respond with his own assets from the debts of the inheritance
Acceptance for the benefit of inventory; it is advisable in those cases in which there is doubt as to whether the debts of the deceased exceed or not the amount of the assets that make up the inheritance. In this case, the inheritor would only be liable for the hereditary debts up to where the value of the goods received by the same reached.
Guidelines to follow for the acceptance of the inheritance
At the time of going to the Notary to carry out the writing of acceptance of the inheritance is necessary that the call to inherit follow the following guidelines:
Have a copy of the death certificate of the deceased, which will be obtained in the Civil Registry of the municipality in which he has deceased.
Request the certificate of last wills, as well as the certificate of coverage insurance for death.
Request an authentic copy of the will. In case there is no testament, the future inheritance must go to the Notary to make the declaration of heirs ab intestato.
Can you repudiate the inheritance?
Yes. The repudiation of inheritance constitutes a declaration by the inheritor where he expressly rejects the inheritance. It must be done judicially or in public deed before a Notary.
The acceptance and repudiation of the inheritance are irrevocable.
Are there deadlines to accept the inheritance?
The only term to take into account is the Inheritance Tax, which is 6 months from the declaration of death.
However, it is worth mentioning that any person that may affect the acceptance or repudiation of the inheritance may require notarially that the call to inherit accepts or repudiates. The call will have a period of 30 days to accept, purely and simply or to benefit inventory, or repudiate the inheritance. If within that period he does not manifest his will, the inheritance will be understood as accepted purely and simply.
We hope this information has been useful and if you need any clarification do not hesitate to contact us