It is proposed to make amendments to the Civil Code of the Republic of Armenia related to the property rights of spouses and the regulation of reverse mortgage as a new legal institution.

Reverse mortgage enables owners of apartments, houses, or summer cottages who have reached retirement age to retain their title and usage rights while receiving periodic monetary payments on their real estate. Throughout the validity of the reverse mortgage agreement, the mortgagor shall reside in the apartment, house, or summer cottage that is the subject of the agreement.

Thus, this mechanism both safeguards the property rights of elderly citizens and introduces a new means for financial stability.

Under the proposed amendments, property acquired during marriage may be registered spousal ownership right upon a joint application by the spouses. In the event of the death of one spouse, the surviving spouse retains title to the property until death, without including the property in the inheritance.

These amendments develop the civil law system of the Republic of Armenia, introducing modern mechanisms used in international practice.

📍At LY Law Firm, we closely monitor legislative developments to support the efficient implementation of new legal regulations.