Lending money to the elderly is often called a senior loan. These are banks’ loans to elderly people with low incomes, secured by apartments or houses. Senior loans often have higher interest rates than the corresponding mortgage.
For ordinary mortgages in the person’s income should be sufficient to pay interest on mortgages, housing expenses and other living expenses. For senior loans so that the requirements are smaller, as long as the market value of the house / apartment is significantly greater than the proposed loan.
You can often use senior loans for whatever you want
How about giving your kids an inheritance advance, building a cabin or house, taking the dream vacation you’ve always wanted, realizing dreams or simply stopping paying on existing debt? Larger housing associations also carry out an appraisal of the individual apartments, based on an average price of apartments sold within a given period. With SeniorLoan you can release some of the value in the home, while also being able to live in the home for the rest of your life.
With a Senior Loan you do not pay interest
Senior Loans must be repaid first upon permanent removal from the home or death.
SeniorLoan solves three major challenges:
- You get increased financial freedom and the opportunity to spend part of your savings that are tied up in your home.
– You take part in a continued increase in house value and thus the opportunity to leave you a significant legacy for the next generation as long as the market value of the house / apartment is significantly greater than the proposed loan.
– You get the assurance that you can live in your own home for as long as you want and are able to, regardless of housing price, interest rate development and longevity.
Do you need to borrow money and can apply for a senior loan ? Yes, then this is recommended. Talk to your bank for details.