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Título
Study on Equity Release Schemes in the EU: Project No. MARKT/2007/23/H, Part I: General Report
Autor
Facultad/Centro
Área de conocimiento
Fecha
2009
Resumen
[EN] Equity Release Schemes (ERS) transform fixed assets in owner occupied dwellings into liquid assets for private pensions. They thus enable a homeowner to access the wealth accumulated in the form of his or her home, while being able to continue to live in it. An illiquid asset becomes a source of liquidity, mainly for consumption purposes. They can take two different forms: Loan Model ERS, also known as reverse mortgages or lifetime mortgages, provide a loan that will eventually be repaid from the sale proceeds of the property. Sale Model ERS, also known as home reversions, involve an immediate sale of the property but provide for the right to remain in occupation and to use the cash price for income in retirement. The terms of reference of this project, set out in the tender, require a focus on schemes provided as financial services, excluding both private arrangements and arrangements with the primary purpose either of real estate purchase or the provision of care for the elderly. Although the purpose of ERS may be achieved by means of virtually any form of loan, lease or sale (second mortgages, overdraft credit, leases, sale and lease-back or saleand- move arrangements) the research targeted only products that were exclusively designed as ERS.
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