Armenia introduces new legal mechanisms aimed at increasing the living standards of elderly citizens and protecting property rights. The government has approved projects on reverse mortgages and spousal exclusive ownership institutions, which will allow retirees to get additional income from their real estate and guarantee a secure stay under their own roof.

Head of the Cadastre Committee at the April 2 government meeting Suren Tovmasyan presented the package of new legislative initiatives. The reverse mortgage system successfully used in international practice, in particular in the USA, will enable citizens of retirement age to receive a stable income for the real estate they own. By signing a contract with the bank, pensioners will be able to receive monthly payments, which will become a significant addition to the pension.

At the same time, citizens will retain ownership rights and the ability to live in their home for life, without the need to sell it and move. Prime Minister Nikol Pashinyan clarified that after the death of the two spouses, their heirs will have the opportunity to buy back the given real estate from the bank.

The second initiative concerns the introduction of the institution of exclusive ownership of the husband. Currently, upon the death of one of the spouses, his or her share of jointly acquired real estate immediately becomes available for inheritance, making the heirs co-owners, often creating domestic difficulties for the surviving spouse.

The new regulation allows couples to pre-select a legal status in which, upon the death of one spouse, full ownership of the home passes solely to the surviving spouse. The inheritance process will begin only after the death of the second spouse, which will ensure a quiet and safe living in their own apartment for the elderly.

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