The so-called “reverse best mortgage company” allows people in old age to receive additional income from their homes, explains Alexander Semenyaka, director general of AHML. Such a loan is not transferred all at once, but in certain portions every month, as an additional pension, he says: “Debt grows, interest accrues on it, and it is repaid all once – after death. Thus, a person “lives” his apartment. ”
When the borrower dies, mortgaged housing is sold, the loan is extinguished, and the remaining amount goes to the heirs. If desired, they can repay the loan themselves and keep the apartment.
In fact, this is the replacement of the life annuity known in Russia, when an elderly person inherits or sells his home to strangers, and they pledge to maintain it for life, says the General Director of the Agency for Restructuring Housing Mortgage Loans (ARIZHK, AIZhK’s daughter) Andrey Yazykov.
The pilot project will start in the autumn and will be implemented on the basis of ARIZHK. According to its results, the government should decide whether the ” best fha loans” should be “replicated to the whole country,” says Semenyaka. The press service of the government yesterday could not comment on this.
Presidential Aide Arkady Dvorkovich, who heads the supervisory board of the agency, is aware of this management initiative: “To launch such a product in Russia, we need to analyze all the risks than we will in the near future and engage in the AHML Supervisory Board.”
AHML is already studying foreign experience. Languages in January traveled to the United States to study the program HECM (Home Equity Conversion Mortgage) – it is recognized as the most successful among similar products. “The US authorities are paying great attention to the development of this product,” he says. “Increasing the incomes of pensioners allows them to maintain their customary level of consumption after retirement, which affects the economic turnover.” In the US, the program has already benefited about 700,000 families. The average age of the borrower is 72.9 years, and the loan amount is $ 184,000.
“The program is developed by market creditors, but the state controls pricing (average rate is 5.7% per annum) and supports this market through insurance mechanisms of the state agency FHA and state guarantees (agency Ginnie Mae),” explains Yazykov. This is an unusual insurance – a guarantee of repayment of a loan from the bank, if the debt reached 98% of the value of real estate. Then FHA buys out the loan, and the borrower lives under the control of Ginnie Mae to death. “This mechanism allows you to remove all fears of people that the lender will drive the pensioner out onto the street and sell his housing,” explains Yazykov.
In the West, the ” best mortgage company” has been working for a long time and is quite successful and gives elderly people the opportunity to live with dignity in their old age, agrees the Vice President of DeltaCredit Laura Fainzilberg. “For Russia, such a model would be interesting, but people’s trust in it is still low,” she believes. “It will be psychologically difficult for a person to transfer someone’s right to inherit an apartment, given the numerous crimes of so-called black realtors.” Therefore, for the time being it is worthwhile to implement this project in the test mode, and “if it proves to be positive, then we can start its wider implementation,” best mortgage company.