First Israel reverse mortgages can help you.
Are you looking to leverage the equity in your home but don’t have enough income to qualify for a traditional home equity loan?
Reverse mortgages enable homeowners, aged 60 and up, to receive monthly payments from the equity in their home or commercial property. No income or asset documentation is required to obtain a reverse mortgage.
First Israel provides reverse mortgage financing up to 50% of the value of your home or commercial property.
At First Israel, we provide free consultations on reverse mortgages in Israel. Please contact us on the form below, or via any other medium on this website including a telephone call or WhatsApp message.
We are here to help you with a reverse mortgage and have built up over a decade of experience in assisting our customers.
Reverse mortgages in Israel – extra information
In October 2022, the Bank of Israel introduced some measures to regulate reverse mortgages.
Whilst not that common in Israel, reverse mortgages have become a way for parents to provide their children with equity to buy a home.
In Israel’s real estate market it can be very common for children to need such help to get on the property ladder.
Under the rules laid out in a draft circular from the Bank of Israel, a reverse mortgage loan is allowed in Israel, when up to 50% of the value of the mortgaged asset.
This includes a forecast financing percentage of not more than 60%.
Bank of Israel regulates reverse mortgages
For many years, only Bank Mizrahi Tefahot offered reverse mortgages. Since 2021 a number of insurance companies have also offered reverse mortgages too.
In February 2023, the Bank of Israel once again confirmed that they were regulating the matter of reverse mortgages at banks.
The Bank of Israel confirmed that they are working to regulate reverse mortgages, partly because many insurance companies offer them in Israel.
They did though confirm that their main aim was to “regulate them in order to expand the financing possibilities open to senior citizens.”