The new year 13 is nigh. Hope, despite its number, it's a lucky one. We should all take a moment to reflect on how our lives are going, and I can't think of a better time than when one year ends and a new one dawns. Is there anything we can learn from our mistakes and do better?
For us, living in France is still an uphill climb - but we're learning. And slowly, slowly the EU seems to be recognising that there're a lot of expats living in France who need a helping hand. Whether it's restrictive French inheritance laws, completing onerous tax returns each April or health rules - gradually the French (with a nudge from Brussels) are easing their 'living in the box' mentality to recognise the needs of expats.
Last April expats in France got a boost from their language struggles by reading that being bilingual helps your brain and even wards off Alzheimer's. There was even a lovely story where a British woman is helping French dementia sufferers by taking her two dogs into a care home in Nice. One male sufferer, who can no longer speak, laughs out loud when the dog licks his face. I know - you're gonna say this is unhealthy. But sometimes, anything that reaches deep within a person's soul and gives us a reason to carry on living can only be a good thing in my book. Him indoors joins me in wishing you all a very happy, healthy and loving New Year - wherever you live. Keep smiling. :)
Showing posts with label care home. Show all posts
Showing posts with label care home. Show all posts
11th January 2009
I was interested to read that there's a new form of equity release which has started here in France. It's called Foncier reversimmo, by a French bank Credit Foncier. This new equity release is different from the old 'viager' system in that the borrower remains the owner of his property, and the scheme is reversible. That is to say that if the borrower is a ditherer, he has the option of paying back his loan with the money plus the generated interest. When the owner of the property dies, it's transferred to a spouse or an heir. If the heirs want to keep the property there is the option of paying back the loan, which is not the case in a traditional viager sale.
Why the scheme is particularly interesting is that over-65s who own a property but suddenly need extra money as they get older - perhaps for a care-home - they can release funds without selling their home. The amount you can get depends on your age. At 75 you can get up to 45% of your property value, at 95 up to 75%. The factors which see the loan ended are the death of the last of the joint borrowers, if the property is sold or given away, or if the property is transferred (except for that resulting from the death of the first joint-borrower). If, on the death of the last of the borrowers, the debt is greater than the property value, the bank is responsible for the loss! So, the heirs - in leaving the property to the bank - will have no debt to pay back.
Sounds good to me - but then, you know what a worrier I am. I always need a Plan B.
Why the scheme is particularly interesting is that over-65s who own a property but suddenly need extra money as they get older - perhaps for a care-home - they can release funds without selling their home. The amount you can get depends on your age. At 75 you can get up to 45% of your property value, at 95 up to 75%. The factors which see the loan ended are the death of the last of the joint borrowers, if the property is sold or given away, or if the property is transferred (except for that resulting from the death of the first joint-borrower). If, on the death of the last of the borrowers, the debt is greater than the property value, the bank is responsible for the loss! So, the heirs - in leaving the property to the bank - will have no debt to pay back.
Sounds good to me - but then, you know what a worrier I am. I always need a Plan B.
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