PaulGross Posted May 26 Report Share Posted May 26 Are home mortgages available in Mexico? what are the current rates and percentage equity required.. are reverse mortgages available in Mexico? thanks in advance Quote Link to comment Share on other sites More sharing options...
ibarra Posted May 26 Report Share Posted May 26 Suggest you ask a realtor or a banker. 1 Quote Link to comment Share on other sites More sharing options...
WideSky Posted May 26 Report Share Posted May 26 Most of us are retired, have no significant income to pay down a mortgage and have divested ourselves of assets outside of MX, so our need for mortgages is low to non-existent. Mortgages are available however, I understand interest rates can be quite high; https://mexlend.com/mortgages/ https://timothyrealestategroup.com/mortgages/ 1 Quote Link to comment Share on other sites More sharing options...
Natasha Posted May 26 Report Share Posted May 26 10 minutes ago, WideSky said: Mortgages are available however, I understand interest rates can be quite high; Yes they are..... and be darn sure you aren't dealing with secondary financiers aka loan sharks! 1 Quote Link to comment Share on other sites More sharing options...
RickS Posted May 27 Report Share Posted May 27 To my knowledge there are no reverse mortgages in Mexico. I assume that you are referring to a 'reverse mortgage for purchase' as opposed to the original reverse mortgage to get access to home equity NOB. Mortgages themselves are a fairly new happening. Quote Link to comment Share on other sites More sharing options...
ibarra Posted May 27 Report Share Posted May 27 https://mexlend.com/ https://crossborderinvestment.com/mortgage-conditions/ https://www.statista.com/statistics/1153873/mexico-interest-rate-mortgage-loans-banks/ https://smartinvestplan.com/reverse-mortgages-in-mexico-vs-the-u-s/ https://www.investopedia.com/reverse-mortgages-mexico-vs-us-5223762 1 Quote Link to comment Share on other sites More sharing options...
rvanparys Posted May 27 Report Share Posted May 27 Mortgages here in Mexico normally require setting up a trust... Most lenders focus on beach areas where the buyer may rent out their home during the year... The charges and interest rates only make sence if the property is rented out... You might try googling Mexico mortgages... You will find a lot of info... Quote Link to comment Share on other sites More sharing options...
ibarra Posted May 27 Report Share Posted May 27 4 minutes ago, rvanparys said: Mortgages here in Mexico normally require setting up a trust... Most lenders focus on beach areas where the buyer may rent out their home during the year... The charges and interest rates only make sence if the property is rented out... You might try googling Mexico mortgages... You will find a lot of info... Open the links I provided in the post directly above yours. Quote Link to comment Share on other sites More sharing options...
Ferret Posted May 27 Report Share Posted May 27 Just pretend that you're back in the early 70's in Canada and the Mexican Mortgage rates will look normal. Also have another question. In the U.S., people are used to deducting their mortgage interest on their income taxes. That option is not available in Canada... is it available in Mexico IF you pay income taxes (like on a rental) in Mexico? Or? Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted May 27 Report Share Posted May 27 The other problem on Mexico mortgages will be age. Car loans, and mortgages will require the term of the loan ends before your 75th birthday 1 Quote Link to comment Share on other sites More sharing options...
ibarra Posted May 27 Report Share Posted May 27 1 hour ago, Ferret said: Just pretend that you're back in the early 70's in Canada and the Mexican Mortgage rates will look normal. Also have another question. In the U.S., people are used to deducting their mortgage interest on their income taxes. That option is not available in Canada... is it available in Mexico IF you pay income taxes (like on a rental) in Mexico? Or? Maybe one of these sites will help: https://www.clearfinances.net/taxes-mexico/ https://taxsummaries.pwc.com/Mexico/Individual/Deductions Quote Link to comment Share on other sites More sharing options...
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