Recently, the Notaries of France noted that the number of elderly people contributing to a mortgage is increasing every year. However, they still face many difficulties compared to young borrowers, especially regarding certain loan insurance guarantees. If you are over 65 and having this kind of problem, here is a little guide that will come in handy.
Can seniors borrow easily?
A few years ago, the National Institute of Statistics and Economic Studies or INSEE announced the increase in life expectancy, i.e. 79 years for men and 85 years for women. In other words, seniors have been living longer over the past ten decades. Although house prices have seen a big jump, even going through a crisis, the current generation has not been too affected except for the resale of their property. This allows them to build up assets more easily and to benefit from purchasing power that often exceeds the average. It is by noting all this that banks and financial institutions have made it easier for people who are approaching retirement to access borrowing. It is therefore currently possible to borrow up to 80 years. However, as the risks are greater, the bank will impose more rules. The difference will therefore be played out on the mortgage loan insurance rate.
Which contract to take out after 65?
If you want to find mortgage insurance contracts after 65, play the competition by focusing on individual insurance. To facilitate your procedures, do not hesitate to consult an online comparison of mortgage insurance for seniors or an expert like Eovi Mcd (Aesio group). It is accessible at all times, it is easy to use and does not commit you in any way. Better still, you will have access to all the offers corresponding to your profile, offers which will be classified by price. In addition, you must consider the age limit for the risk of death guarantee, the possible annual increase in contributions as well as the amount of outstandings covered. You might not get the solution you are asking for, even after taking all this into account, you may be able to offer your bank real estate or savings product as collateral.
Mortgage insurance for seniors
Various inexpensive life insurance policies are available with different rates and benefits. There are fixed and variable rate apps, each with functions. While most are still government programs, proprietary apps from individual financial institutions are also available on a daily basis. While you should always use the agent or bank you feel most comfortable with, make sure they can provide you with the most aggressive applications.
In the case of a standard mortgage, the monthly payments pay attention and usually yield a large loan repayment, which decreases the mortgage amount. With the Opposite mortgage, the amount you receive, along with attention and other expenses, are included in the loan and increase its stability. However, this stability should never be repaid until you leave your home. You need to keep your taxes and senior mortgage insurance up to date, and take care of your home, just like you already do.