In collaboration with Adv. Dudi Maor
Many Israelis reach retirement age and encounter a particularly frustrating situation – on the one hand, they own a valuable asset, but on the other hand, they find it difficult to meet current expenses, against the background of retirement and the subsequent decline in income. A 'reverse mortgage', which is a common solution in such a situation, includes a lot of 'fine print', hidden costs and significant obstacles on the way to obtaining the loan.
For those who want to let the property work for them - without compromising on obstacles, compromises and delays along the way, now is the time to get to know 'Golden Treasure',
the new and worthwhile alternative to 'reverse mortgage'.
So how can you get substantial sums quickly, without inflated legal costs, without embarrassment and frustration of having to prove 'legal capacity'? And with a lot of confidence and peace of mind in the elderly?
The obstacle course on the way to a 'reverse mortgage'
Until now, the most common (and only, actually) option for adult property owners who wanted to use their property for cash was a 'reverse mortgage', a loan involving a pledge on the property. In the vast majority of cases, reverse mortgage takers do not repay the loan during their lifetime and leave the repayment of the loan to the heirs, who do so through the sale of the property.
On the surface, this is a convenient solution to implement. Based on the value of the property to receive a loan, without the need to repay it, while maintaining the possibility of living in it or renting it out.
In practice, a "reverse mortgage" includes disadvantages that many Israelis are not familiar with until they begin to examine the conditions for receiving the loan. First of all, this is a loan with problematic terms and high prices. In other words, the interest for payment that will accumulate over the years is very high and is expected to bite into the balance of the amount that will remain in the hands of the heirs.
In addition, obtaining the loan involves ancillary expenses, such as the cost of an appraiser, the fee for opening a case, legal costs and more, which can reach NIS 10,15-<>,<>.
The lenders (various financial institutions) suggest that customers add the costs to the loan amount and thus avoid paying them in real time, but these costs join the loan fund and accumulate significant interest over the years.
Anyone who owns millions of dollars in assets and dreams of receiving a significant sum is likely to be disappointed. The lending financial institutions are characterized by a conservative approach, which offers a loan rate that is relatively lower than the value of the property, so that, for example, a 70-year-old person will receive about 25% of the value of the property.
Another inherent disadvantage of working with conservative financial institutions is the "procedure" on the way to obtaining a reverse mortgage loan, which lasts much longer even than a regular mortgage.
Finally, because lenders fear that when the repayment date comes, the heirs may object to their parents' obligations and claim that they were not "legally competent" when they signed the mortgage loan, they force reverse mortgage borrowers to go through an embarrassing, some would say humiliating, process. The borrower is required to present a medical-psychiatric opinion confirming the borrower's legal competence, in order to avoid legal conflicts with the heirs in the future.
The bottom line is that for older adults who need cash here and now for their ongoing expenses and for maintaining a minimal quality of life, a 'reverse mortgage' actually offers an option that embodies high interest rates, additional and hidden costs, a loan at a rate lower than the value of the property and a lot of bureaucracy.
Those who have examined the subject have already become familiar with these topics.
'Golden Treasure' - the revolution that 'reverses' the rules
Against the background of the inherent and frustrating disadvantages of a reverse mortgage, legal experts in the field gathered alongside experienced businessmen, and tried to create an optimal formula for senior citizens, elderly property owners, who want to use their property as a tool to significantly improve their quality of life immediately, while maintaining security and peace of mind regarding the certain existence of their "roof" for the rest of their lives.
At the basis of "Golden Treasure" is the assumption that the property owner is interested in maximum immediate return alongside absolute security that he can be the "landlord" of the property throughout his life – whether for self-living or renting to a third party. These points are best solved by Golden Treasure.
Easy. Simple and no 'small print'
Moreover, Gold Treasure offers a much faster and more efficient process than a reverse mortgage. Within 48 hours of the appraiser's assessment (at our expense when closing the agreement), the customer will be presented with an offer in principle for the transaction and within 10 days of signing the agreement - the money will enter the customer's bank account.
Due to the nature of the transaction, the amount in cash that the property owner will receive according to the appraiser's assessment will be maximum and much higher than the frameworks and the loan rate of a 'reverse mortgage'
with regard to ancillary and hidden costs - in a gold treasury they simply do not exist. The costs of lawyers, appraiser and pledge fees are fully covered by a 'golden treasure' and are reflected in the transaction price.
The bottom line is that many Israelis aged 70+ can now take advantage of their property and finally enjoy quality of life and peace of mind, without compromising on the amount they receive, the hidden costs and their self-respect.
So instead of the 'fine print' of the reverse mortgage, make the most of your property with a 'gold treasure'. Enter for details>>
In collaboration with Adv. Dudi Maor
