It is planned to introduce a new mechanism related to real estate in Armenia – the reverse mortgage institute. Chairman of the Cadastre Committee Suren Tovmasyan announced this at a joint meeting of the Standing Committees of the National Assembly, presenting the details of the legislative draft.

According to Tovmasyan, the initiative is intended for pensioners who own real estate. After the adoption of the legislative package, they will have the opportunity to make real estate the subject of a reverse mortgage and receive periodic payments from the bank in return in order to improve their social situation.

“The pensioner has no problems with payments: he continues to live in his house, does not change the situation and receives a certain amount every month, which will be added to his pension. This will allow him to live more decently and improve his quality of life,” Tovmasyan said.

According to him, after assessing the value of the property, the repayment period and the amount of money that the bank will transfer to the pensioner on a monthly basis will be determined. The draft is still under discussion and has been put into circulation as a legislative proposal.

It is planned to introduce a new mechanism related to real estate in Armenia – the reverse mortgage institute. Chairman of the Cadastre Committee Suren Tovmasyan announced this at a joint meeting of the Standing Committees of the National Assembly, presenting the details of the legislative draft.

According to Tovmasyan, the initiative is intended for pensioners who own real estate. After the adoption of the legislative package, they will have the opportunity to make real estate the subject of a reverse mortgage and receive periodic payments from the bank in return in order to improve their social situation.

“The pensioner has no problems with payments: he continues to live in his house, does not change the situation and receives a certain amount every month, which will be added to his pension. This will allow him to live more decently and improve his quality of life,” Tovmasyan said.

According to him, after assessing the value of the property, the repayment period and the amount of money that the bank will transfer to the pensioner on a monthly basis will be determined. The draft is still under discussion and has been put into circulation as a legislative proposal.

It is planned to introduce a new mechanism related to real estate in Armenia – the reverse mortgage institute. Chairman of the Cadastre Committee Suren Tovmasyan announced this at a joint meeting of the Standing Committees of the National Assembly, presenting the details of the legislative draft.

According to Tovmasyan, the initiative is intended for pensioners who own real estate. After the adoption of the legislative package, they will have the opportunity to make real estate the subject of a reverse mortgage and receive periodic payments from the bank in return in order to improve their social situation.

“The pensioner has no problems with payments: he continues to live in his house, does not change the situation and receives a certain amount every month, which will be added to his pension. This will allow him to live more decently and improve his quality of life,” Tovmasyan said.

According to him, after assessing the value of the property, the repayment period and the amount of money that the bank will transfer to the pensioner on a monthly basis will be determined. The draft is still under discussion and has been put into circulation as a legislative proposal.