Is called "mortgage loan” and it is one of the main fiscal innovations of 2016. Dismissed last March by Parliament and became operational shortly before Christmas – when the Minister of Economic Development, Federica Guidi, signed the implementing decree – the new legislation allows those who own a property to collect money without giving up bare ownership. It is an alternative source of credit to the classic bank loan and to access it you must be over 60 years of age (recall that, according to INPS data, in Italy 4 out of 10 pensioners receive less than a thousand euros a month).
Basically, anyone who is interested can ask a bank or a financial intermediary to obtain an immediate credit for an amount equal to a percentage of the value of the property, on which it is placed a mortgage as collateral.
The two parties then free to agree terms and conditions of reimbursement. The creditor can terminate the contract if there are at least seven episodes of late payment (between the 30th and 180th day from the installment expiry), even if not consecutive.
If the parties do not reach an agreement, in three cases the law requires full reimbursement in a single solution:
- death of the debtor (subject to the possibility for the heirs to pay off the debt – even in installments – and repossess the house; the heirs will also be able to personally arrange for the sale of the property within 12 months following the death, collecting the difference between the market value of the property and the debt remaining to be paid);
– transfer (even partial) of ownership or other real or enjoyment rights on the property;
– interventions that significantly reduce the value of the property.
If the credit is not repaid within 12 months of the occurrence of one of these conditions, the lender can sell the property at the market value, which is reduced by 15% per annum until the time of sale.
Also, if the person requesting the loan is married or cohabiting more uxorio for at least 5 years, the contract must be signed by both residents. But be careful: both members of the couple must be 60 years old before signing the contract, which therefore expires after the death of both.
The Italian Banking Association (Abi) states that the mortgage loan will be applied interest rates between 2 and 6-7%, a value between the rates of a home loan and those of a personal loan.
