Have you found yourself in a situation where you financed the purchase or construction of a property from your own resources, but now you lack them? You can ask the bank to reimburse your own funds. How to get a “reverse mortgage”?
What can you finance with a “reverse mortgage”?
Whether you have misjudged the final cost of renovating or building the property, or you are faced with unexpected expenses, you can ask the bank to reimburse you for your own costs. What is covered?
- Land for the construction of a property or land on which a property is used for housing or individual recreation.
- The property itself
- A flat in private ownership
- Flat in cooperative ownership
Did you know that you can claim up to 1 year back for building or other property-related costs? Some banks even allow 3 years back. Similarly, you can use this option when you are building or renovating with your own funds and they are no longer sufficient. However, you should expect that the bank will scrutinise what you used the money for and when.