The unique way 60+ people can get a loan

Because banks today make it difficult to obtain long-term credit for the adult population, it's time to recognize the unique financial solution for those over 60 - so they can invest it to secure a monthly allowance for ongoing consumption, fund housing, help children financially or go on a dream trip.

The global economic recession that began in 2008 has seriously damaged pension funds and provident funds, which are the sources of regular income for many retirees. In addition, the earning capacity and the generation of current income of the third age population are becoming less and less difficult to find standard financing alternatives from the banking system, which rely on current monthly income. Shrinking sources of funding is forcing retirees to look for alternative sources of funding to maintain their standard of living before retirement and the outbreak of the crisis.

So because banks today make it difficult to obtain long-term credit to the adult population, it is time to recognize the unique financial solution for those who have turned 60 - loans and mortgages in a reverse mortgage model. This mortgage is intended primarily for anyone who has passed the age of 60 and who owns some property, but sources of income are limited. In many parts of the world, reverse mortgages are a big hit, in Israel it is still in the early stages, but against the backdrop of the cost of living, and the growing reliance of the younger generation on parents, parents' need to find funding sources and more people are applying for loans in this way.

(Illustration: ShutterStock)

Mature couple with money (Photo: ShutterStock)

This economic model allows them to receive a substantial sum of money for any purpose when the only guarantee for its receipt is the ownership of a residential property. With a reverse mortgage model you can improve your cash flow, close short-term loans that make it difficult to live monthly, not worry about low income from various government or pensions, and simply fulfill a dream and live the life you want.

The Heisenberg Finance Company offers a 60 year loan to NIS 200,000 and above. The loan is granted for up to 15 years with payment of bank interest only and most importantly - no monthly repayments of the fund. A loan is granted even if only one of the partners has passed the age of 60 Of course, only you decide what to do with the money: invest it to secure a monthly allowance for regular consumption, to fund sheltered housing, to financially help children, or to go on a dream trip.