Some elderly people are forced to sell their property. Often times, their retirement income is too low. What to consider when amortizing property.
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If you want to keep your property in old age, you should follow a few rules.
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“The last thing the Swiss give up in financial difficulties is the house,” says Damian Gliott, co-founder of the financial advisory firm Vermögenspartner. Before that, you don’t go on vacation and put other things on the back burner. Nevertheless, it does happen – albeit rarely – that retired people are forced to sell their property for financial reasons. After all, income often falls significantly in the “third phase of life” – and this trend could intensify in view of falling pensions in occupational pension schemes. It can also be observed time and again that financial institutions no longer give new mortgages to people who are approaching retirement or who are already retired.
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