Seniors will receive a monthly rent, but they will hand over their properties to banks

Financial institutions will become the owners of the property of the people who die.

The Colombian Government authorized reverse mortgages, so that older adults, 65 years of age and older, receive a monthly rent from a bank while the person lives in the property until the end of their days.

The Housing Minister, Jonathan Malagón, pointed out that this is an aid mechanism so that these people can access a monthly sustenance that allows them to survive.

According to the Government, this benefit is aimed at all strata and includes three modalities.

The first consists of a life pension, that is, the elderly will receive a monthly payment until he dies. The second is a temporary income that is provided for a certain number of years.

The third, on the other hand, has to do with the fact that the person would receive in a single draft the value of the mortgage. But in each case, in the end, the bank will become the owner of the property.

Mayores de 65 años, que sean propietarios de su casa, podrán acceder a una hipoteca inversa, que consiste en que el banco paga una renta mensual mientras la persona reside en el inmueble hasta el final de sus días, y allí la entidad pasa a ser propietaria.

Informa @MaCamilaRoa pic.twitter.com/v2tNUm9Z9O

— BluRadio Colombia (@BluRadioCo) June 12, 2020

Source: BluRadio Colombia, redes sociales