Recently the Italian market we try to learn more about these two instruments available to investors and retirees. Do you think that in Italy the 20% of older people live on less than 500 € (source: INPS) but the 90% of them own their houses. For these people, better if no heirs, to field their home means being in possession of a capital.
The annuity mortgage loan (introduced in Italy with Legislative Decree 203/05), We can frame it half way between a personal loan and a traditional mortgage loan, allowing medium-and long-term annual capitalization of interest and costs, and full repayment in a lump sum at maturity, secured by first mortgages on residential property, reserved to individuals over the age of sixty-five years made. Offers the possibility to obtain a sum variable between twenty and 50% the value of the property, leaving the task to return to the heirs, with due interest and fees. The percentage of the sum paid, compared to the value of "home", is a function of age of the applicant: the more one is in there with age, the greater the amount available. The amount that we can obtain must subtract the 20% of fixed charges (legal fees, deed, expert, insurance, bank charges, etc..), that reduce the amount actually delivered into the hands of the pensioner.
The sale of the bare ownership is a significantly less expensive annuity mortgage loan, but also allows the seller to maintain the availability of (usufructuary). Compared to other Anglo-Saxon, the phenomenon is still not widespread, but also in Italy began to spread. To the buyer is an investment, Since buying the property at a discount and that will not come into possession of the seller until the retiree is alive. For the IRS There is a table that identifies for age, the value of the bare ownership and usufruct. Who buys must pay the registration fees, mortgage and land (also provided the facilities provided for the first home) and in case of extraordinary expenses is required to pay all but the 1 % that remains for the seller.
Both for the retiree, both the purchaser, because of the sensitivity of the two operations, it is good to be assisted by legal experts and tax.
Alex Gaetani
Main, I recommend reading the following books and ebooks: