Opening a mortgage life loan
Mortgage life loan for seniors
There are several conditions for opening a mortgage loan . The first is age. Indeed, to access the mortgage life loan it is essential to be over 65 years old and to be the owner. In addition, the amount of money recovered must only be used for a personal project such as the payment of a retirement home, a trip or work of all kinds.
No medical constraints for the opening of a mortgage loan
Unlike most loans, the opening of a mortgage loan is not subject to a medical questionnaire. Future subscribers do not need to justify their good health. In addition, the mortgage life loan does not require insurance or credit insurance, which facilitates access to the necessary funds.
The constraints to open this type of loan are minimal and thus make it easier for seniors to access credit.
Estimation of the property before the opening of a mortgage loan
Before you can take out a mortgage life loan , the borrower must have his property valued. The expert is chosen by both parties, while the expert’s fees are borne by the borrower.
Note that the notary must verify the amount set according to the current real estate market.
A notary for the opening of mortgage credit
To open a mortgage life loan, it is essential to go through a notary. Indeed, the mortgage credit consists of a mortgage on real estate.
The mortgage life offer contract
The credit offer signed by a notary must indicate several mandatory information to validate the opening of the mortgage credit :
- The date, as well as the exact nature of the loan, contracted;
- The identity of both parties involved in the opening of mortgage credit;
- The precise designation of the mortgaged property for the credit, as well as its exact value;
- The total cost of the mortgage life loan as well as the overall effective rate;
- The date and conditions of making the money available;
- The payment schedule if it is a loan whose capital is staggered.
Time for reflection when opening a mortgage loan
When an individual decides on the opening of a mortgage loan , he has a cooling-off period of ten days from receipt of the offer. In addition, no funds can be paid before the acceptance of the credit offer by the lender and the borrower.