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WO2004066169A1 - Plan de liberation de gages sur biens immobiliers - Google Patents

Plan de liberation de gages sur biens immobiliers Download PDF

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Publication number
WO2004066169A1
WO2004066169A1 PCT/AU2004/000051 AU2004000051W WO2004066169A1 WO 2004066169 A1 WO2004066169 A1 WO 2004066169A1 AU 2004000051 W AU2004000051 W AU 2004000051W WO 2004066169 A1 WO2004066169 A1 WO 2004066169A1
Authority
WO
WIPO (PCT)
Prior art keywords
vendor
purchaser
sale
property
proceeds
Prior art date
Application number
PCT/AU2004/000051
Other languages
English (en)
Inventor
Peter Szabo
Original Assignee
Peter Szabo & Associates Pty Ltd
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Priority claimed from AU2003900202A external-priority patent/AU2003900202A0/en
Priority claimed from AU2003100964A external-priority patent/AU2003100964A4/en
Application filed by Peter Szabo & Associates Pty Ltd filed Critical Peter Szabo & Associates Pty Ltd
Priority to AU2004205938A priority Critical patent/AU2004205938A1/en
Publication of WO2004066169A1 publication Critical patent/WO2004066169A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/04—Billing or invoicing

Definitions

  • the present invention relates generally to a method of releasing equity in real property.
  • the invention relates particularly, though not exclusively, to a method of releasing equity in residential property for aged home owners.
  • reverse mortgage which is essentially a loan offered to the home owner and secured against the property.
  • the reverse mortgage is a capitalising interest loan where interest is not paid until sale of the property on death of the owner.
  • the reverse mortgage has been met with limited success primarily because the size of the capitalising interest loan in relation to the value of the home at the time of repayment is unknown. It is generally not possible in advance to determine:
  • the patent literature includes a number of US patents relating to reverse mortgages including US patent application No. 2002/0055905 and US patent Nos. 6012047 and 5991745. These US patents disclose variations on the conventional reverse mortgage including a method for securitising a reverse mortgage, together with processing and loan recalculation systems for use with reverse mortgages.
  • a method of releasing equity in real property comprising the steps of: a vendor of the property entering into a contract of sale with a purchaser who acquires an entitlement to a specified share of the proceeds from a future sale of the property;
  • the early proceeds rebate is a percentage of the difference between the purchaser's share of the market value of the property on entering into the contract of sale, and the deposit. More preferably the anticipated date of completion is determined based on the anticipated life span of the vendor, and the early proceeds rebate is paid when the vendor decides to voluntarily sell their property or dies before this anticipated date.
  • the purchaser paying the vendor a deposit representing a percentage of the purchaser's share of the expected future sale proceeds whereby the vendor releases equity in the property.
  • the payment of the deposit by the purchaser is not contingent on the vendor repaying the deposit by way of principal and /or interest payments.
  • the vendor may incur fixed administrative payments on entering into or on completion of the contract although no accruing interest, fees or other charges are payable.
  • the percentage of the purchaser's share is calculated based on the present day value of the expected future sale proceeds. More preferably this percentage represents a discounted amount relative to the purchaser's share of the current market value of the property. Preferably the purchaser acquires the entitlement in the property without transfer of title in the property.
  • the method also comprises the step of completion of the contract of sale by the vendor voluntarily, or their estate after their death, selling the property and the purchaser receiving the specified share of the sale proceeds. More preferably the vendor is not required during the term of the contract or on its completion to make repayments to the purchaser.
  • the completion of the sale of the property also involves payment of a rebate to the vendor where sale is effected prior to an anticipated date of completion. More preferably this early proceeds rebate is calculated as a percentage of the difference between the purchaser's share of the market value of the property on entering into the contract of sale, and the deposit, and this percentage is determined to provide the vendor with a certain cost of funds.
  • the anticipated date of completion is determined based on the anticipated life span of the vendor, and the early proceeds rebate is paid when the vendor decides to voluntarily sell their property or dies before this anticipated date.
  • the sale of the property further involves payment of excess proceeds where the purchaser's share of the sale proceeds exceeds a benchmark determined on entering into the contract of sale.
  • the benchmark is calculated by reference to a benchmark rate which is a percentage per annum compounded.
  • the predetermined percentage of the difference between the purchaser's share of the actual sale proceeds and the benchmark which is based on the initial value of the property increasing at the benchmark rate which may be set at from between 2 to 10% and the vendor may receive from between 25 to 75% of the difference between the actual sale proceeds and the benchmark.
  • the benchmark rate may be set at a margin over an index such as the Consumer Price Index (CPI).
  • CPI Consumer Price Index
  • the vendor is an aged home owner or aged home owners. More preferably the aged home owner is at least 65 years of age.
  • the purchaser is a pooled entity such as a unit trust or a company.
  • DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT is a pooled entity such as a unit trust or a company.
  • the preferred methodology described is intended to be offered by banks or other financial institutions in the form of a home equity release product.
  • the product of these examples has been coined as the Home Equity Lifestyle Plan or the HELP product.
  • HELP Product sale proceeds 311,839 475,825 626,587 Item Amounts assuming value of home increases at:
  • Cost of funds (gross of expenses) of HELP Product to 7.2% 10.0% 11.0% aged home owner per annum compounding monthly
  • the deposit or initial cash sum represents a percentage of the purchaser's share of the expected future sale proceeds of the home. This percentage is calculated based on the present day value of the expected future sale proceeds and represents a discounted amount relative to the purchaser's share of the current market value of the property.
  • the HELP Product sale proceeds in this example equates to 30% of the sale value.
  • the benchmark rate for payment of excess proceeds is based on compounded growth at 8% per annum. However, this benchmark rate may vary and may for example be set at a margin over the CPI.
  • the realised excess proceeds are the difference between the HELP Product sale proceeds (purchaser's share of the actual sale proceeds) and the benchmark. In these examples the realised excess proceeds to the aged home owner amounted to 50% of the actual realised excess proceeds. This is illustrated in scenarios 2 and 3 where compounded growth in excess of 8% per annum is exemplified.
  • the early proceeds rebate is relevant where completion of the sale of the property is effected prior to an anticipated date of completion.
  • the anticipated date of completion is determined based on the anticipated life span of the vendor or home owner and the early proceeds rebate is paid when the vendor voluntarily sells the property or dies before this anticipated date. This is illustrated in scenario 1 where the home is sold in year 5 either voluntarily or on death at the age of 80 years.
  • scenarios 2 and 3 are indicative of an aged home owner at the age of 90 and 105 years, respectively, who has passed the anticipated date of completion and an early proceeds rebate is not payable.
  • the early proceeds rebate is a percentage of the difference between the purchaser's share of the market value of the property on entering into the contract of sale, and the deposit or initial cash sum.
  • the early proceeds rebate is a feature of the HELP Product intended to enhance its appeal to both the aged home owner and the purchaser.
  • the early proceeds rebate works retrospectively and provides the opportunity to effectively have the benefits of a loan combined with the certainty of a sale.
  • the applicant has an algorithm which calculates the amount of the early proceeds for various scenarios at the commencement of the contract. Once the sale proceeds are known then the actual early proceeds rebate can be calculated using the principles and bases set out in the contract.
  • the term "initial discount" is used to describe the difference between the HELP Product's share of the property and the initial cash sum, for example in the scenarios given the initial discount is $55,100.
  • the maximum early proceeds rebate is calculated for each individual aged home owner and will be set out in a schedule to the individual HELP Contract.
  • the principal function of the early proceeds rebate is to ensure that the cost of funds should not be excessive in the case of an early sale of a home.
  • the amount of the early proceeds rebate is calculated by reference to the actual specified share (the "HELP Percentage") of the sale proceeds. It is intended that the cost of funds should not be excessive if house price growth is in accordance with the pricing assumptions and furthermore should not be too low in the event that house price growth has been less than assumed under the pricing assumptions. In other words, if the application of the maximum early proceeds rebate causes the cost of funds to fall below a specified minimum rate the early proceeds rebate will be reduced. The early proceeds rebate cannot exceed the initial discount nor be less than zero.
  • the ability to reduce the amount of the early proceeds rebate based on actual house prices, increases the protection for the purchaser and the investor in the event of a short term decline in house prices. This is because the converse of the aged home owner having a minimum cost of funds on account of the early proceeds rebate is that the investor will have a minimum yield on account of retaining a portion of the initial discount.
  • the early proceeds rebate provides the purchaser with considerable protection in the event of a decrease in property prices.
  • the HELP Product allows aged home owners to convert part of the equity in their home into cash for any purpose.
  • the aged home owner can continue to live in their home as long as they wish and retain all the usual benefits of home ownership. There are no repayments and no rent.
  • the general steps involved in the preferred method of releasing equity in the home are as follows:
  • the aged home owner agrees to sell such as up to 50% of their home to the purchaser and enters into a contract of sale such as that in the attached appendix, the maximum limit ensures that the aged home owner keeps a substantial part of their home;
  • the aged home owner receives an initial cash sum which is an advance on what the purchaser expects to receive when the home is eventually sold;
  • the aged home owner determines the timing of the eventual sale which in most instances is expected to be after the aged home owner has died although the aged home owner has the right to sell the property at any time;
  • the aged home owner is not under the HELP Contract required to make repayments and as such is not a loan or a "reverse mortgage"; 5. the home is sold and the purchaser is entitled to part of the proceeds from the sale, for example if the aged home owner sold 30% of their home to the purchaser then the purchaser would be entitled to 30% of the proceeds from the eventual sale of the home;
  • the aged home owner receives their share of the actual sale proceeds together with their entitlement under the HELP Contract to realised excess proceeds and early proceeds rebate (where applicable).
  • the purchaser must wait longer for the sale of the home and their share of the resultant proceeds.
  • the aged home owner dies in early years of the HELP transaction or decides to sell their home voluntarily, an amount may be paid in addition to the initial cash sum, this being the early proceeds rebate.
  • the HELP Product is designed to be fair to the extent that although the aged home owner has sold a part of their home to the purchaser, it nevertheless allows the aged home owner to share in increases in the market price. This is by way of the realised excess proceeds wherein the purchaser pays the aged home owner or their estate the relevant percentage of any capital growth in excess of the benchmark on the portion owned by the purchaser. Furthermore the HELP Product is designed to protect the financial security of the aged home owner so that if the value of the home does not increase by the benchmark rate, for example 8% per annum, between the time the contract is executed and the eventual sale of the home, the aged home owner will not be asked to pay anything back. Thus, the purchaser accepts the risk that property prices will not increase by the benchmark rate.
  • the actual cost, or value of the home foregone, to an aged home owner will depend on how long they live and the actual change in the market value of their home. In general terms, the longer an aged home owner lives the lower their cost of funds whereas the higher the actual increase in actual house prices the higher will be the cost of funds. This is exemplified in the preceding scenarios 1 to 3.
  • the amount of the initial cash sum is calculated to provide the purchaser its required yield using the relevant pricing assumptions and traditional actuarial principles.
  • the HELP Product including the contract of sale between the aged home owner as the vendor and the purchaser is a core element of the described method for an aged home owner releasing equity.
  • the HELP contract provides for the aged home owner to receive a non- refundable deposit being an initial cash sum which represents the present day value of the HELP Percentage of the expected future sale proceeds which have been sold by the aged home owner.
  • the initial cash sum is a discounted amount relative to the HELP Percentage of the current market value of the home and the difference reflects, in general terms, the required yield of the investor exceeding the assumed house price increase rate as well as other benefits retained by or provided to, the aged home owner.
  • the HELP Contract such as that which follows provides for settlement on the earlier of the sale of the home or the death of the aged home owner. At settlement there is as outlined in the aforementioned examples a final amount payable of $1.00 together with, if applicable, any early proceeds rebate and any share of realised excess proceeds. Generally, under the contract, the property must be sold within a period of time, for example in 180 days of the aged home owner, which in the case of a couple is defined as the last remaining vendor.
  • the HELP Contract may contain a schedule setting out the maximum amount of the early proceeds rebate in the event that the home is sold earlier than the anticipated completion date.
  • the schedule may also include a method and formula which will apply in certain circumstances to produce a lower amount.
  • the early proceeds rebate is calculated as a percentage of the difference between the market value of the HELP Percentage of the home at inception (or on sale if lower) and the initial cash sum.
  • the early proceeds rebate is paid to ensure that an aged home owner who either decides to voluntarily sell their home or dies before the anticipated completion date is not financially disadvantaged.
  • the HELP Contract also provides for a further payment at settlement in the event that the actual share of the sale proceeds exceeds a specified benchmark based on the initial value of the home increasing at the benchmark rate such as 4%, 6%, 8% or a margin over an index such as the Consumer Price Index.
  • the aged home owner may typically receive a portion, such as 50%, of the realised excess proceeds.
  • the method of releasing equity as for example outlined in the HELP contract involves the transfer of a number of risks including property value, aged home owners longevity or mortality rates, and interest rates. These risks are borne by a pooled entity being the purchaser rather than an individual as is the case with the "reverse mortgage".
  • the vendor 5 or aged home owner is provided with certainty because the purchaser is in a position to average and manage the risks.
  • the early proceeds rebate operates on a retrospective basis. This provides a mechanism to control the cost of funds to the vendor based on an actual sale date and actual sale proceeds. 10
  • the vendor has the certainty of sale and the benefit of hindsight in fixing the cost of funds.
  • the HELP contract up until settlement contains all ownership rights and obligations for the aged home owner. This includes the ability to lease the home and the requirement to pay all outgoings including rates, taxes and insurance premiums.
  • the aged home owner may buy , 15 out the purchaser at any time on the same basis as if the home was being sold. However, this is subject to the amount received by the purchaser being not less than that which would provide the purchaser with its required yield. Otherwise, the method of releasing funds includes the following features:
  • the HELP contract may provide for the deposit or initial cash sum to be paid either by 20 a single lump sum or by instalments, for example, annual instalments over a period of up to 5 years;
  • the HELP contract may provide that on death of the aged home owner the purchaser can complete the purchase of its interest in the home and then be in a position to
  • SETTLEMENT DATE is the date upon which vacant possession or receipt of the rent and profits of the Property and chattels must be provided, namely, upon acceptance of title and payment of the purchase price
  • Authority of the State means a person or body who or which is authorised to acquire land for the purposes of the Land Acquisition Just
  • Documentary Evidence means an original or certified copy of a birth certificate or birth certificate extract or a certified copy of the relevant page or pages of a valid passport;
  • Land Tax means any tax imposed under the Land Tax Act 1956 (NSW); 1.12 "Laws” means all statutes, statutory rules, by-laws, orders or regulations and other provisions having the force of law present or future affecting or relating to the Property or the Land;
  • Legal Requirements means all requirements which may be made or notices or orders which may be given by any Government Agency having jurisdiction or authority over or in respect of the Property or the Land or the use or the Vendor's occupancy of the Property;
  • “Mortgage” means the real property mortgage having the same date as this contract between the Vendor as mortgagor and the Purchaser as mortgagee;
  • Particulars of Sale means the Particulars of Sale to which these special conditions are attached; 1.17 “Proceeds of Sale” means the purchase price for a contract of sale under special condition 5.3, 5.4 or 8.1 less any costs or expenses attributable to such sale;
  • Vendor in accordance with special condition 5.2; 1.19 "Related Party” means in respect of any person:
  • Vendor means if the Vendor is one person the person named as Vendor in the Particulars of Sale, or if the Vendor is more than one person, the later or last surviving person named as Vendor in the Particulars of Sale;
  • Vendor means the person or persons named in the Particulars of Sale and: 1.22.1 where the Vendor is one person, includes that person and that person's executors, administrators and successors; or
  • Vendor is two or more persons includes all such persons and each of them and their executors administrators and successors; 1.23 words importing the singular include the plural words importing the plural include the singular and words importing one gender include any other gender;
  • Vendor 1.25 if there is more than one person named as Vendor then each person is bound severally and jointly with every other person named as Vendor by the terms and conditions of this contract to be performed and observed by the Vendor;
  • the Vendor has, by evidence in writing, provided to the Purchaser on or before the signing of this contract and will continue to procure that arrangements satisfactory to the Purchaser remain in place to ensure that the Purchaser is notified in writing within 30 days of the date of death of the Surviving Party.
  • 5.2.2 require that the Property be sold to a third party.
  • 5.3 Subject to special condition 10 if the Purchaser elects to complete this contract of sale in accordance with special condition 5.2.1, the Purchaser and Vendor must, within 3 months of the Settlement Date, offer the Property for sale by public auction or by private sale (to be determined at the sole discretion of the Purchaser). The Purchaser and Vendor will be entitled to the Proceeds of Sale arising from the Further Sale in accordance with each party's respective interest in the Land adjusted in accordance with special conditions 5.5 and 5.6 where relevant.
  • An Attorney may exercise a power even though the exercise of the power constitutes an actual or potential conflict of interest or duty, or benefits the Attorney.
  • An Attorney may do anything under this power of attorney in its name, in the name of the Purchaser or in the name of both of them.
  • Vendor grants the power of attorney in this clause for valuable consideration, receipt of which is acknowledged by the Vendor.
  • VENDOR NOT TO ENCUMBER
  • the Vendor may not sell, lease or encumber the Property other than in accordance with special condition 8 or special condition 9.
  • VENDOR MAY SELL
  • Vendor may enter into a contract of sale in respect of the Property at any time ("a Vendor Contract") if: 8.1.1 the Purchaser under the Vendor Contract is not a Related
  • the Vendor At the settlement date of the Vendor Contract, the Vendor must pay the Purchaser the percentage of the Proceeds of Sale in accordance with special condition 5.4 adjusted in accordance with special conditions 5.5 and 5.6 (where relevant) as if the Property had been sold in accordance with special condition 5.2.2. 8.3 If the Vendor enters into a Vendor Contract, the Effective Date for the purposes of special condition 5.5 will be the date of the Vendor Contract.
  • the Vendor may at any time until and including the date 30 days from the date of the Purchaser's Notice provide the Purchaser with written notice (a "Vendor Notice") that the Vendor will pay the Purchaser the higher of:
  • the Vendor must, in the Vendor Notice, specify the date, which must be not less than 10 and not more than 25 Business Days from the date of the Vendor
  • the Purchaser may lodge a caveat for registration on the certificate of title for the Land in respect of its interest under this contract.
  • the Vendor must not object to the Purchaser lodging such a caveat. 12.2
  • the home equity lifestyle plan provides the vendor or aged home owners with certainty and security as they are guaranteed to receive a set percentage of the sale proceeds;
  • the vendor or home owner can continue to live in their home as long as they wish and retain all the usual benefits of home ownership without repayments and rent;
  • the home owner under for example the HELP contract has the freedom to sell or rent out the home at any time; 5. the home owner continues to benefit proportionally from rises in the value of the home whilst there is no additional cost if on the other hand the value of the home falls;
  • an additional amount in the form of an early proceeds rebate, may be received by the home owner if the home is sold early or prior to the anticipated completion date;
  • the home owner is provided with security of tenure wherein settlement is delayed until the sale of the home by the aged home owner or their estate after their death;
  • the home owner is provided with certainty regarding the maximum percentage of the sale proceeds which will pass to the purchaser who is typically a pooled entity and will be in a position to average and manage its long term risks;
  • the home owner has both the certainty of sale and the benefit of hindsight in the manner that the cost of funds is determined largely as a result of the early proceeds rebate which operates retrospectively;
  • the HELP contract does not require that the home owner sells and leases back their property in order to release equity in the property.

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Abstract

La présente invention concerne un procédé de libération de gages sur des biens immobiliers. Le procédé est réalisé comme suit: un vendeur des biens immobiliers conclut un contrat de vente avec un acheteur qui acquiert un droit à une part désignée du capital pour une vente future des biens immobiliers; et l'acheteur remet au vendeur des arrhes représentant un pourcentage de la part de l'acheteur sur le produit attendu de la vente future, ce qui permet au vendeur de libérer les gages sur les biens immobiliers.
PCT/AU2004/000051 2003-01-17 2004-01-15 Plan de liberation de gages sur biens immobiliers WO2004066169A1 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU2004205938A AU2004205938A1 (en) 2003-01-17 2004-01-15 Home equity release plan

Applications Claiming Priority (4)

Application Number Priority Date Filing Date Title
AU2003900202 2003-01-17
AU2003900202A AU2003900202A0 (en) 2003-01-17 2003-01-17 Home equity lifestyle plan
AU2003100964A AU2003100964A4 (en) 2003-01-17 2003-11-24 Home equity release plan
AU2003100964 2003-11-24

Publications (1)

Publication Number Publication Date
WO2004066169A1 true WO2004066169A1 (fr) 2004-08-05

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Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/AU2004/000051 WO2004066169A1 (fr) 2003-01-17 2004-01-15 Plan de liberation de gages sur biens immobiliers

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WO (1) WO2004066169A1 (fr)

Cited By (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7860775B2 (en) 2006-11-16 2010-12-28 Asset Deployment Llc Method and apparatus for increasing investment return and asset liquidity
US8543494B2 (en) 2009-01-09 2013-09-24 Bank Of America Corporation Shared appreciation loan modification system and method
WO2018032037A1 (fr) * 2016-08-13 2018-02-22 Feldbay Pty Ltd Systèmes et procédés de gestion de données se rapportant à la propriete

Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5083270A (en) * 1988-11-02 1992-01-21 Interforce, Ltd. Method and apparatus for releasing value of an asset
US5991745A (en) * 1997-01-22 1999-11-23 Fanniemae Reverse mortgage loan calculation system and process
US6012047A (en) * 1993-01-25 2000-01-04 Transamerica Corporation Reverse mortgage processing system
US20020055905A1 (en) * 2000-09-11 2002-05-09 Shekar Jannah System and process for securitizing reverse mortgage loans

Patent Citations (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5083270A (en) * 1988-11-02 1992-01-21 Interforce, Ltd. Method and apparatus for releasing value of an asset
US6012047A (en) * 1993-01-25 2000-01-04 Transamerica Corporation Reverse mortgage processing system
US5991745A (en) * 1997-01-22 1999-11-23 Fanniemae Reverse mortgage loan calculation system and process
US20020055905A1 (en) * 2000-09-11 2002-05-09 Shekar Jannah System and process for securitizing reverse mortgage loans

Cited By (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7860775B2 (en) 2006-11-16 2010-12-28 Asset Deployment Llc Method and apparatus for increasing investment return and asset liquidity
US8543494B2 (en) 2009-01-09 2013-09-24 Bank Of America Corporation Shared appreciation loan modification system and method
WO2018032037A1 (fr) * 2016-08-13 2018-02-22 Feldbay Pty Ltd Systèmes et procédés de gestion de données se rapportant à la propriete

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