Reaching retirement with some financial stability can be challenging, especially considering that the average pension of retirees is around 1,400 eurosaccording to data from the Ministry of Inclusion, Social Security and Migrations.
The situation is aggravated for those pensioners who also have an outstanding mortgage, since they must pay a monthly installment. Besides, if we talk about a variable rate mortgagecould be affected by the evolution of indicators such as the Euribor.
However, mortgaged retirees have at their disposal a set of aid promoted by the Government. These measures are included in the Code of Good Practices for mortgageeseffective from January 1 of this year.
Part of these initiatives are aimed at households with incomes of less than 25,200 euros per year. In addition, those interested in taking advantage of these measures must allocate more than 50% of their income to pay the mortgage and having experienced an increase in the mortgage effort of more than 50%.
Among the different measures that can be requested is the Debt modification, delivery of the home as a way to settle the debt with the bank, or the possibility of requesting a grace period of up to five years.
Extend the return period
The Code of Good Practices It also includes aid for those retirees whose mortgage effort has increased considerably but it does not reach the 50% required to benefit from the measures aimed at the first group.
Retirees in this situation may reduce the monthly payment of their mortgage to extend the repayment term up to seven years. In addition, they may justify a capital grace period of up to two years, during which only interest will be paid.
Families with incomes of less than 29,400 euros and who have experienced a 50% increase in their mortgage payments may also receive help, which It will be available until 2024.
2023-06-28 21:54:47
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