Annuity for Apartments

Senior Citizen Solution

Senior Citizen Solution

Many people, especially senior citizens, are convinced that annuity is a service provided by the state. What is more, they believe that it is a product guaranteed by the state, according to experts. Katarzyna Łakoma, director of the administrative and business section of the office of the Ombudsman, believes that both current annuity and mortgage solutions require urgent changes in legal regulations. In both cases, the aim is to enable older people to sell their real estate and have the certainty of living there for the rest of their lives. Officially, reverse mortgages do not exist in Polish law. The most important difference between reverse mortgages and annuity, offered among others by mortgage funds, is the question of the transfer of property ownership. In the case of a loan, the bank will take over the property after its owner’s death, provided the person’s heirs will not attempt to claim rights over the property. As for pensions, the property is immediately transferred to the company that offers this type of service. The Ministry of Economy will be discussing an annuity bill this month. Last week, the government accepted a bill on reverse mortgages.

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