Sejm adopts law on reverse mortgage

The lower house of Poland’s parliament approved a law on reverse mortgage credit on Friday, with 287 votes in favor of the bill and 136 against it, the Polish Press Agency reported. The new regulation, if approved by the Senate and signed by the president, will allow for banks to make regular or one-time cash payments, secured with a mortgage on any kind of real estate property, including land. Krystyna Skowrońska, an MP from the ruling Civic Platform, said that the law will provide “a new, safe credit product, possible to obtain without a creditworthiness assessment, available to all, regardless of age.”