The profile of a contracting this type of mortgage is that of an elderly person with home ownership, as it is hiring additional income of 1,000 euros that can plug many holes.

A reverse mortgage allows you to continue with their property, but borrowing euros to those discussed. At the time of death, you go all for it, the heirs may continue with the property by paying these additional revenues have been paid.

The good news is that anxiety takes many older people whose children, grandchildren or themselves because of their low pension, forget the economic troubles

Keep in mind that the average pension for widows is very low, and can get loans with the backing of his property, in addition, the heirs may apply for a mortgage to pay such advances or credits.

We hope to have cleared up the issue of reverse mortgage, although it will expand the topic.

The equity loan is a contract whereby a person or entity (the creditor, usually a bank or savings, but may be any natural or legal person), pay a sum of money to another person or company (the debtor).

The mortgage itself is a guarantee that the debtor, or another by him, provides lending the money. Is that a property (or several) is offered and subject as a guarantee that it will return the borrowed money, so if it is not returned within the time agreed, the creditor, with abbreviated collection procedures, it may encourage sale at public auction the mortgaged property to collect what is owed, leaving the surplus to other creditors or, failing that, to the debtor.

As the creditor has the guarantee of property is what can provide low-interest mortgages and long term.

The property is not owned by the Bank that the mortgage has been granted, at all times is owned by whoever bought it can sell or rent it or even re-mortgaging, within legal limits.

Banks often ask someone to endorse the operation, especially if the person requesting the loan has a low income.