The Ministry of Finance, Housing and the Financial Regulatory Unit (URF) announced, through an official press release, that the green light has been given to the real estate annuity which aims to “achieve the purpose pursued by the well-known transaction. as a reverse mortgage, in the sense that it will allow Colombian families to use the real estate assets to increase the habitual income of the elderly ”.
Jonathan Malagón, minister of housing, said this will be a tool that “life insurance companies can offer. As part of the operation, as agreed in the insurance contract, the policyholders will have the right to withhold the use and enjoyment of the property until the death of the last one “.
Similarly, it was explained that it will be a figure that all families will be able to access, there are no age limits to apply and the affected family will have to “prove ownership of a property, and will transfer the price of the premium said property at the time. of the signing of the contract. ”In addition, the amount of the periodic rent will be determined by each insurance company and variables such as the estimate of the property and the age of the beneficiaries will be taken into account for the amount of the rent.
Felipe Lega, director of the URF, for his part, declared that this aid “will offer an alternative to Colombian families to generate additional income from their real estate assets, with the possibility of maintaining the rights of use and enjoyment of the property. “.