Release your home equity with HomeFlex (KotiJousto)
HomeFlex is a loan with which you can release some of your home equity if it is free or nearly free of mortgage. In everyday language, such a loan is often referred to as a reverse mortgage. You still own your home and you will only pay the monthly interest during the loan period. The maximum loan period is ten years, but you may repay the loan at any time.
A loan meeting various needs
You may use your HomeFlex loan for financing larger acquisitions, a renovation or your everyday expenses, for example. You can deduct the loan interest in your taxation if the loan is used for a major renovation of your permanent residence or for obtaining income.
An older person prefers to continue living in their detached house, but due to necessary renovations the cost of housing is very high in relation to their pension. With HomeFlex, they may cover their cost of housing and continue to live in their house. The loan will be paid off once the house is sold when, for example, the person moves to smaller housing.