The Reverse Mortgage Agreement is a specialized financial instrument used in Germany to provide homeowners, particularly seniors, with access to their home equity without requiring immediate repayment. This document is essential when property owners wish to convert their home equity into liquid funds while continuing to live in their property. The agreement must comply with German banking laws, particularly the Kreditwesengesetz (KWG) and relevant sections of the Bürgerliches Gesetzbuch (BGB). It includes detailed provisions on loan terms, property rights, maintenance obligations, and repayment conditions. The document is particularly important in the context of Germany's aging population and the increasing need for retirement financing options. The Reverse Mortgage Agreement must be notarized and registered in the German land registry (Grundbuch) to be legally effective.
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1. Parties: Identification of the lender (financial institution) and borrower(s), including full legal names, addresses, and registration details for the institution
2. Background: Context of the agreement, including confirmation of property ownership and purpose of the reverse mortgage
3. Definitions: Detailed definitions of key terms used throughout the agreement, including technical financial and legal terminology
4. Property Details: Comprehensive description of the mortgaged property, including land registry details and current market valuation
5. Loan Terms: Core terms including maximum loan amount, interest rate calculations, and disbursement arrangements
6. Borrower Residency Rights: Terms guaranteeing the borrower's right to continue residing in the property
7. Payment and Distribution Terms: Structure and timing of payments to the borrower, whether lump sum, periodic payments, or credit line
8. Interest and Fees: Detailed breakdown of interest calculations, compound periods, and all applicable fees
9. Property Maintenance Obligations: Borrower's obligations regarding property maintenance, insurance, and tax payments
10. Loan Maturity Events: Conditions that trigger loan maturity, including death, sale, or permanent move from the property
11. Repayment Terms: Conditions and processes for loan repayment, including early repayment options
12. Default Provisions: Circumstances constituting default and consequent lender rights and remedies
13. Representations and Warranties: Statements of fact and promises made by both parties
14. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
1. Power of Attorney: Required when a third party is authorized to act on behalf of the borrower
2. Co-borrower Provisions: Needed when multiple borrowers are involved, particularly for married couples
3. Credit Line Provisions: Specific terms for arrangements involving a credit line rather than lump sum or periodic payments
4. Insurance Requirements: Detailed insurance obligations beyond standard requirements, if necessary
5. Property Sale Provisions: Special terms regarding future sale of the property, if agreed
6. Counseling Confirmation: Acknowledgment of financial counseling if required or provided
7. Third-Party Rights: Required when other parties have interests in the property
1. Property Valuation Report: Detailed professional valuation of the property
2. Payment Schedule: Detailed breakdown of payment arrangements and calculations
3. Fee Schedule: Comprehensive list of all fees and charges
4. Property Insurance Requirements: Specific insurance requirements and minimum coverage levels
5. Land Registry Extract: Current extract from the German land registry (Grundbuch)
6. Interest Calculation Examples: Illustrative examples of how interest is calculated and compounds
7. Required Documentation List: Checklist of all required ongoing documentation from borrower
8. Property Maintenance Standards: Detailed requirements for property maintenance and upkeep
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