A mortgage life loan is a credit granted to a person who does not have sufficient creditworthiness to borrow. It is intended for the owners of one or more real estate. The lending agency determines with the client the amount of the credit and pays it in one go or in the form of an annuity. How does a mortgage life loan work? What are the conditions to obtain this mortgage?
In the same theme
- Calculate your mortgage
- Rate mortgage
- Real estate credit
- Who is the Mortgage Loan for?
- Mortgage real estate
- How the mortgage loan works
- Mortgage Loan Bonds
- How to choose your mortgage loan
Who is the Mortgage Loan for?
The mortgage life loan is a credit that can only be claimed by a homeowner. The latter, for financial or medical reasons, is unable to subscribe to a traditional credit offer to carry out a personal project. She can then call on the mortgage loan for Grendelr the purchase of a vehicle, equipment for the home or services.
The borrower must be a natural person.
Mortgage real estate
As part of a mortgage life loan, the borrower mortgages one of his real estate assets. It may be his principal residence, a second home or a proposed dwelling for rent. Warning ! Only habitable real estate can be considered. Professional or mixed premises can not be used as a guarantee.
After signing the mortgage life loan, the borrower remains the owner of his property and therefore free to use it as he wishes. He can rent it, live it or put it at the disposal of one of the relatives.
How the mortgage loan works
When an owner applies for a mortgage life loan, his property is valued by an expert. The value is then validated by a notary and studied by the lender. The latter will grant a loan between 15% and 75% of the value of mortgaged real estate.
The borrower does not have to repay the loan or insure it. The capital is paid to him in one go or in the form of an annuity. Upon his death, the financial institution resells the real estate mortgaged to repay the amount of the credit. The heirs can also repay the credit contracted to keep the property. It should be noted that no health questionnaire is requested as part of a mortgage life loan.
Mortgage Loan Bonds
Once the offer of credit is accepted and signed by both parties, a reflection period of 10 days is observed. Throughout the term of the life loan, the borrower undertakes to maintain his property and to notify the financial institution of any change in circumstances. Depending on the terms of the contract, the borrower may be able to repay the loan.
How to choose your mortgage loan
Before choosing a mortgage life loan, it is highly recommended to learn about the characteristics of this atypical credit and to compare the offers of the market.