Posted on: 19th Sep, 2007 01:41 am
I am interested in an reversion property in France and would have a reasonable deposit what would be the situation for a mortgage on the balance of the reduced price
Ho Robert,
Welcome to the forum.
With a full reversion mortgage, the property ownership is transferred to the bank but the borrower remains in the property along with the tenant. But in case of a partial reversion mortgage, the share of the property of the tenant is held in a trust and is repaid usually after the death of the borrower. It could also be repaid when the borrower moves into a long-time care. The mortgage amount is repaid either in lump sum or as a monthly annuity.
Welcome to the forum.
With a full reversion mortgage, the property ownership is transferred to the bank but the borrower remains in the property along with the tenant. But in case of a partial reversion mortgage, the share of the property of the tenant is held in a trust and is repaid usually after the death of the borrower. It could also be repaid when the borrower moves into a long-time care. The mortgage amount is repaid either in lump sum or as a monthly annuity.
Hi Robert,
There are 3 different mode of payment in purchasing reversion property:
Thanks
There are 3 different mode of payment in purchasing reversion property:
- Paying a Lump Sum without any monthly annuity
- Paying a Lump Sum amount with a monthly annuity
- Paying monthly annuity without any lump sum amount
Thanks