How the Social Institute mortgage succession works
Public employees and retirees have the opportunity to obtain mortgages on favorable terms. Loans that are granted by Government Agency through a specific Credit Fund. However, it may happen that anyone who has an Government Agency mortgage in progress dies before having paid off the debt. Situations in which the borrower’s family members can apply for Government Agency mortgage succession.
The Government Agency provides for the possibility of succeeding in the ownership of a mortgage loan contract. Specifically, only the surviving spouse of the mortgage holder and the children who fall within his family can apply for succession.
In the absence of the spouse, the children can request the succession of the mortgage even if they are minors. This option is however possible only on condition that the succession takes place under the protection of the subject designated as guardian by the tutelary judge.
However, it is necessary to specify that the succession of the mortgage is possible only on condition that the deceased subject was the only holder of the mortgage. If the property is inherited by a person other than the one who submits the Government Agency loan succession application, the mortgage amortization plan is interrupted with the death of the owner. In this case, the heirs of the property must pay off the loan.
Online mortgage succession application
The succession application must be submitted online via the reserved area of the Social Institute website. To access the aforementioned area and transmit the application, it is necessary to have a Pin Social Institute device.
In case of questions relating to the succession of a minor, it is the guardian who must submit the application by accessing the reserved area with his/her own Pin Social Institute. The mortgage will be made out to the guardian.
Following the transmission of the Government Agency mortgage succession application, the request is assessed by the reference Social Institute provincial office. If accepted, following the investigation, the loan will be made out to the spouse or son of the borrower who submits the request for succession. If the request for succession is rejected, Social Institute communicates it to the applicant.