2023-09-12 19:27:48
In recent years, the reverse mortgage in Spain has shown extraordinary momentum; and thanks to this, Seniors achieve liquidity without having to sell their home.
“Turning property into an economic resource for the senior population is possible thanks to the reverse mortgage,” revealed Ricardo Gulias, CEO of RN Your Mortgage Solution.
And it is that This formula is emerging as the most appropriate solution to avoid losing the property and receiving extra income.
According to the General Council of Notaries, In 2022, 787 operations were reached, a figure that far exceeded the signatures reached in 2021, when 197 were registered, showing a year-on-year increase of 299%. Meanwhile in In the first quarter of 2023, notaries registered 177 reverse mortgages.
The reverse mortgage allows you to face retirement. Photo: Unsplash
Benefits of the reverse mortgage in Spain
Ricardo Gulias assured that this financial product allows you to face retirementsince people freely dispose of the house, up to a certain age or until death, while receiving a monthly income or a single payment at the same time.
Added to that “The aging of the population and the uncertainty surrounding public pensions favor the expansion of the reverse mortgage.”
While there are benefits, there are also some obstacles; According to the expert, having to leave a home as an inheritance to one’s children is still present.
Added to this cultural factor are the doubts that its operation raises, since it is important that all those involved understand what this method consists of and what it entails. “Many think that the ownership of it is lost and cannot be recovered.”
Likewise, Ricardo Gulias advised studying said product in detail, the situation of the home and its characteristics, which are aspects related to value.
Finally, the expert highlighted that the reverse mortgage is having a promising evolution, since more and more cities in Spain are opting to include the product.
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