How old to take out a mortgage life loan?
Officially there is no age limit to subscribe a mortgage life loan , according to the regulations of the Consumer Code. However, in fact, banking institutions that offer this type of loan only do so to seniors, aged 65 or over.
Indeed, the mortgage life loan aims to address people who do not have the conditions to access more traditional credits. Note, however, that the younger the future borrower, the lower the mortgage loan amount will be.
The elderly can thus build up an attractive capital or an annuity in order to improve their daily life.
Mortgage life mortgage subscription for the most modest
Underwriting the mortgage life loan does not imply any mandatory minimum income and does not take into account the creditworthiness of the future borrower. Indeed, with this type of credit, the bank is reimbursed on the death of the owner by selling the real estate put in guarantee.
Thus, the borrower can be employed or retired, have no financial contribution or savings, and still have access to the funds of this mortgage life loan.
Subscribe to a mortgage life loan without a health questionnaire
Accessible to the most modest incomes, the subscription of the mortgage life loan also opens to people whose health is not the best. In fact, financial lending institutions do not ask for a health questionnaire from future borrowers and only take into account the age, sex or price of their real estate to set the maximum amount of their mortgage life loan.
Be a homeowner to take out a mortgage life loan
Underwriting the mortgage life loan poses few constraints for the future borrower, a single element is essential to access this loan: to own a property.
Indeed, it is this same property that will serve as collateral with the lender to clear the funds claimed. Be careful though, not all properties are eligible for a mortgage life loan. Indeed, the property pledged must be used as a dwelling. It can therefore be:
- A main dwelling house;
- A secondary residence ;
- A building used as housing for rent.
By subscribing to a mortgage life loan , the borrower remains the owner of his property and can continue to live there or dispose of it as he wishes, until his death or the resale of his property.