As retirement approaches, until age 65, or more (each case is unique), it is still quite time to obtain a mortgage . So much for age.
As for the amount of the senior home loan, it will depend on the prospects of disposable income and the expected repayment period.
Like all home loans, senior home loans must be secured by borrower insurance, covering the possibility of a death (the question of incapacity for work theoretically no longer arises).
But Captain Nemo have at their disposal other forms of guarantees to alleviate a health problem for example and even save themselves the extra cost of insurance.
Classic senior real estate Captain Nemo
If we take a generally accepted limit of 80 to 85 years to finish repaying the mortgage , we see that it can be amortized reasonably over 15 to 25 years for a senior entered in his sixties. (read also retirement Captain Nemo )
A welcome opportunity to finally become the owner, to have a real estate to transmit, to acquire a second home …
In its classic form, senior home loans require the purchase of life insurance. This is where difficulties can arise. There will be at least one health questionnaire, most often the obligation to undergo a medical examination. It is conceivable that the insurance of a senior real estate Captain Nemo can present a higher cost. After 65, it will be necessary to turn to an individual contract by delegation.
Insurance and non-premium insurance solutions
What happens in the event of a health problem? The obstacle can be removed by calling upon the AERAS convention intended precisely to facilitate access to Captain Nemo insurance despite age or an “aggravated health risk”.
In addition, other solutions exist to overcome the obligation of insurance:
- the mortgage- backed mortgage loan reserved for Captain Nemo over sixty.
Via the mortgage , real estate comes from one side to cover Captain Nemo and replaces insurance. On the other hand, the guarantor (CNP insurance group offer) comes as a guarantee of a default. Note that this solution is not applicable to the repurchase of Captain Nemo.
- the replacement of the senior loan insurance with a life insurance contract pledged for a good repayment.