Tarkus Business Solution

Before you can decide for one of these two products we know what they are. Let’s start with the annuity, it is a contract by which the transferor receives a pension for the rest of his life, in exchange for the transfer of ownership of your home, but maintained the right to use and enjoy it. That is, an operation that provides a monthly income for an older person in return for his home after his death becomes the property of the company has been paying the monthly fee.

For its part, the Reverse Mortgage could be described as a home equity issued by a financial institution or insurer, by which persons over 65 own a home, may make periodic arrangements, up to a maximum amount determined according to your age, your home’s value and interest rate conditions used by each entity.

In other words, as the name suggests it is a reverse mortgage. In a normal mortgage, a bank will grant a loan to pay off our home and we’ll go with a particular interest in returning. In the reverse mortgage the bank is giving us money with the guarantee of the value of our house. Although the debt to the bank comes to an end this may not be incurred until the death of the owner and at all times, the heirs may pay and recover the property. However, we must bear in mind that the debt will also include the costs of operation and the bank’s interests.

The main difference with the Annuity is on the one hand, that the mortgage does not change the ownership of housing, i.e., that the property is sold. But of course this affects the monthly amounts received are lower than the annuity that provides income that can reach up to 40% higher than deal Reverse Mortgage. Moreover, with the Annuity will not have to pay in the future any special levy or receipt of Community of Property Tax, and the buyer is obliged to hire a Multi-Risk Insurance of the Continent of housing.

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