Le petit pet Posted December 12, 2006 Share Posted December 12, 2006 Last year the French Govt. passed a law permitting equity release - it is called pret viager hypotheque. Essentially this is designed to allow hard up pensioners with paid up houses, to release some of the value of the property in cash to bolster their measly pension (aka UK). No repayments are necessary - the bank puts a charge on the property, which of course you are at liberty to sell anytime, and when you die the bank recovers the loan plus a "prescribed" rate of interest. Does anyone know of any bank yet offering this scheme?[8-)] Link to comment Share on other sites More sharing options...
Clair Posted December 12, 2006 Share Posted December 12, 2006 from Le Figaro - 09/12/06[quote]... a decree published yesterday allows the commercialision of two new type of borrowings both lonked to property ownership.It has taken 2 years for the project to become reality. The prêt hypothécaire 'rechargeable' and 'viager' will make it easier for elderly people an some consumers to have access to credit lines.The reform also aims to stimulate the economy by improving the pouvoir d'achat of French consumers.The prêt viager hypothécaire should be available at the start of 2007. elderly people should be able to benefit from new financial resources whilst still living in their own property.The loan is garanteed by the property. Capital and interest are paid back when the property is sold or on the death of the owner.A similar but more complicated and expensive scheme already exists and the governement is hoping to stimulate the demand by making the new one easier and cheaper....[/quote]no mention of any bank offering it yet, have you tried a google.fr search under prêt viager hypothécaire? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.