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Reverse mortgage

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hyponamiru.cz / Glossaries / Reverse mortgage

A reverse mortgage is also referred to as a reverse mortgage and is particularly suitable for older people of retirement age who own property. They can sell the property with a lifetime easement on it and have an agreed annuity paid to them. It is also called a mortgage for the elderly.

When you say reverse mortgage

With a conventional mortgage, you borrow money to buy your own property. You then pay the bank the agreed repayment each month, including interest, and the property serves as collateral. However, a reverse mortgage can only be obtained by someone who owns a property.

How to get a reverse mortgage?

Elderly people who cannot sell their property because they have nowhere to live but do not have the money to maintain it, or who want to add to their pension, can apply for a reverse mortgage.

When you apply, you must provide proof of your income, household expenses, an appraisal of the property and proof of how you acquired the property. Some banks may also ask for a doctor’s certificate about your health. When everything is in order, you will sign the contract, transfer the title to the lender, and the lien will also be registered in the land registry. However, you remain the owner of the property.

Once the land register is registered, you will be paid the agreed amount, either in one lump sum or in regular monthly instalments.

When is the reverse mortgage loan due?

  • The moment the owner sells the apartment or house.
  • Moves out.
  • The last owner dies.
  • The house or apartment is unoccupied for more than six months.
  • The owners do not pay the bills associated with the property properly or fail to meet other obligations.
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Frequently asked questions

How long does it take to arrange a mortgage?

A mortgage can be arranged within a month or three. The whole process usually takes around two months. The reason behind it is mostly the approval process on the side of the banks. However, there’re plenty of possibilities to speed up the mortgage application and we know them. Check it out for yourself.

With which Czech banks do you have the best experience?

The most client-oriented bank is certainly Hypoteční banka with their speed of request processing, the service quality, the range of checking accounts they offer, and the interface called “Mortgage Zone”. Other such banks include Komerční banka, Moneta and Raiffeisenbank.

Do you deal with new mortgages as well as refinancing?

Yes, we deal with both new mortgages as well as refinancing of the existing home mortgage loans. Our specialists will find a solution for you in either case – a solution you can afford.

Can a mortgage be really arranged online?

Yes, it can. Thanks to the latest technology we’re using, you really don’t need to go to the bank to arrange a mortgage. Check it out for yourself.

We facilitate consumer credit as a tied agent registered by CNB under company ID number 05736501. We are also registered as an independent consumer credit broker of commercial company Broker Trust, a.s., company ID number: 26439719.

@ 2023 The company Hypo na míru s.r.o. is registered at the Municipal Court in Prague, file number C 269834, company ID number: 05736501.