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
The preparation of the will is not mandatory, but it is advisable to do it to avoid conflicts to the heirs. The will is defined in the Civil Code as the act by which a person has after his death all or part of his assets.
What happens if there is no Testament?
In the absence of a will, it is the law that determines how the assets of the deceased should be distributed among their heirs according to the order of kinship: descendants, ascendants, spouse, collateral, other relatives, and finally, the State.
In these cases, a “declaration of heirs ab intestato” must be formulated both for cases in which there is no will and for those in which the testament granted is declared void. This declaration is a public document that shows which relatives have the right to inherit, in accordance with the aforementioned rules. This procedure is always done before the Notary.
It should be noted that the cost of these procedures is up to three times more expensive than in those cases in which there is a will.
Kinds of Testaments
The testament can be holographic, open or closed
The testament is holographic when the testator writes it himself. It must be signed and the date on which it is granted must be collected. The person who has it in his possession must present it to the Notary within 10 days after becoming aware of the death.
The open testament, which is the most common, must be granted before a Notary before whom it will express orally or in writing its last will. In these cases the Notary orients the testator in the decisions regarding the distribution and destination of his assets and rights.
The testament closed is a written document where the testator, without revealing his last will, declares that this is in a statement delivered to the Notary. It has the following requirements: statement of the testator that the closed sheet contains his last will and presentation of the same to the people who must authorize the act.
How much does it cost to make a will?
Making a testament is worth approximately between 38 and 50 Euros, and this amount may vary exceptionally.
Can the will be revoked?
The testament is essentially revocable and can be modified until the moment in which the testator dies. The testament can be revoked, on one side, totally or partially, and on the other hand, expressly or tacitly.
The express revocation is given when the testator grants a new testament repealing expressly the previously granted.
The tacit revocation occurs with the granting of a new testament by the testator without expressly repealing the previous one.
We hope this information has been useful and if you have any questions about it, please do not hesitate to contact us.