Lifetime Mortgage Loans

The Lifetime Mortgage Loan (PIV) is a medium to long-term financing solution granted against the registration of a mortgage on the residential property owned by the applicant.

Repayment of the amount disbursed is due at maturity and is borne by the heirs following the death of the borrower, or upon the occurrence of other specific events expressly provided by the applicable regulation.

Full repayment of the loan - without prejudice to the possibility of partial or total early repayment - takes place in a single settlement and may be requested starting from the death of the financed individual; in the case of jointly financed contracts, this reference is the death of the longest living borrower.

The product supports two alternative offering structures:

• PIV with annual capitalisation: the loan is disbursed in a single tranche and provides for the annual capitalisation of interest and expenses, with repayment of the total accrued amount at maturity. This option allows the borrower to obtain liquidity without any periodic repayment obligations.
• PIV with annual payment of interest and expenses: the loan is likewise disbursed in a single tranche but requires the annual payment of interest and expenses only, while the principal amount is repaid in full at maturity.