Many ask if the mortgage loan for pensioners exists, because when thinking about age, there are doubts. The truth is that many financial institutions offer these loans for pensioners.
The first thing that can be asked is, and there is not much risk in granting the mortgage loan?… because when seeing its characteristics the opposite is defined.
Taking into account the figure that shows the statistics, the average life for Colombians is between 72 and 74 years. In this way the financial entities when offering mortgage loans for pensioners apply the conditions. One of them is that, all mortgage loans include life insurance that is canceled within the monthly installment. When it’s used? It is the important thing. When the creditor of the mortgage loan dies and the debt to the bank must be canceled.
Advantages of credit for pensioners
- They are the best savers as clients of financial institutions, therefore, they have a backup in savings accounts or securities (CDTs).
- They will always have sufficient financial means to pay the fee, because they receive their monthly income.
- They have no major commitments in terms of expenses, because they only need for their personal needs, therefore, there is economic solvency.
- According to a study carried out, it is defined that “the older the pensioner, the more he saves”
- At that age they know how to manage their resources… experience makes it all my little!
Mortgage Credit Requirements
- Photocopy of the 150% citizenship card
- Certification of income issued by the entity where you are affiliated as a pensioner
- Additional the extract of the movement of the savings account (last 3 months)
- Maximum age of 74 years (some entities require a lower age)
- The mortgage loan has a term between 10 and 15 years
- It emphasizes the payment of insurance, with a higher cost than normal, since they take into account age.
- Opening of savings account for pensioners, since, the fee is automatically discounted.
- Medical exams (most financial institutions)
- Minimum income of 2 SMLMV.
- Loan application form duly filled out.
23% of the elderly population are pensioners in Colombia. You have to keep them in mind because they still have their opportunities in life.