Dynamics of loans to pensioners up to 90 years of age:
first of all, what type of financing do pensioners refer to? For now, we will refer to the financing for pensioners par excellence: the transfer of the fifth of the pension! It is true that the pensioner can access other forms of credit, however if we only deal with the transfer of the pension here there is a reason, indeed two: 1) there is a limit of years beyond which the pensioner cannot give up your pension; 2) regardless of age, some pension treatments, by express legal provision, are non-transferable. In the latter two cases,
However, there are other forms of credit which can be accessed by the retiree who cannot transfer the fifth but, being such a vast topic, we have decided to divide it into three sections: the present one, dedicated to the transfer, more two more which interested parties can access through links at the bottom of the article. We continue with the loans for pensioners up to 90 years implemented through assignment and only this.
Social Institute financing and retirement loans up to 90 years:
what does the final part of the phrase “. up to 90 years” refer to? We get there indirectly: did you know that the transfer of the fifth of the pension is refundable from a minimum of 24 months (2 years) to a maximum of 120 months (10 years)? What does that have to do with anything? Let’s see it. Loans for pensioners over 70 75 years? Sure! Pensioners over 70 75 will have no technical or legal problems, even in the case of a repayment in 10 years, they will finish paying at 80 85 years. Then, loans for retirees over 80 85 years ? Already in such cases things start to change: the over 80 can reach the maximum ten-year period allowed, while this will not be possible for the over 85 to which, at most, a loan can be granted to be paid in no more than 5 years.
At this point, the most attentive reader will have already understood what the phrase de loans to pensioners up to 90 years of age refers to: the aforementioned phrase means that, regardless of when it was turned on, the funding must still end no later than 90 years. That is, the last installment, the one with which the loan ends, cannot be paid at 91 but within 90! This is what the law provides, which applies not only to the funding provided by Social Institute, but for any other pension institution.
But let’s see what kind of problems such a system entails and, above all, what are the possible alternative solutions to finance the elderly of 85 90 years.
Financing for pensioners and policy obligations:
One of the characteristics of the loan intended for pensioners is the death insurance policy which guarantees the payment of the remaining installments where the pensioner dies before paying them. The policy is mandatory and, unfortunately, follows the statistical-mathematical logic of insurance. What does it mean? It means that if the loan to the pensioner is turned on during the first years of retirement, the cost of the policy is contained but, as the loan is requested over the years, the cost becomes excessive, disproportionate, in particular if the financing is requested by the over 80s. The same logic follows the rate: the more you get on with the years, the higher the rates.
But the real paradoxical situation is created in retired loans over 80 85 years: it is true that turning on the 80-year loan you will be able to take advantage of the maximum repayment period, however the policy will be very expensive as, forgive us the naked and raw observation, the pensioner, given the average age of the Italians, arrived at 85 years of age statistically died and this justifies the onerousness of the policy. Even worse goes for retired loans over 85: these, turn on the loan when they are already “statistically deceased” which entails a really exorbitant cost of the policy nte. Not only that, the over 85 cannot even take advantage of the full repayment period (ten years) but at most up to 5 years which will result in very high monthly installments.
Conclusion: are you over 75 80 years old? Well, let’s say that giving up your pension is not that convenient. If you are even over 85 it should be avoided! There are, under certain conditions, alternative solutions that allow to provide loans to pensioners over 90 years which, as stated, we will indicate in the links at the bottom. However, we realize that, sometimes, the transfer is the only solution to finance seniors over 80 85 years and up to 90 years and for this purpose we close by indicating some credit institutions affiliated with Social Institute and/or other institutions for loans to pensioners up to 90 years.
Banks and financial companies that provide loans to pensioners up to 80 90 years.
Why mention some bank or financial institution considering that all of them allow the pensioner to transfer the fifth of the pension? So, if it is true that all credit institutions finance those who have a pension, it is equally true that not all provide loans to pensioners up to 90 years of age. So it is not exactly indifferent to turn to one institution compared to another. Let’s proceed step by step, or rather for years and for the present 2020.
We start from retired loans over 70 years: one bank (or financial) is the same as all of them pay up to 80 years. Follow those over 75 years: with these we begin to discard Best Bank, which stops at 79 years, so if you are over 75, with Best Bank you will be forced to repay the loan at the latest in 3-4 years. Apart from Best Bank, most Italian institutions go up to 85 years.