2023-09-12 00:15:52
Now, the commercial networks of Santander and Mapfre will begin to market the product this year.
The offer of reverse mortgages is still small in Spain. This is a product from which a retired person who owns a property can request a home loan. A debt is created that can be satisfied upon death by the heirs with the delivery of the property or by paying a loan that has generated, however, higher interest than in a regular mortgage loan. However, it is one of the best ways, sometimes the only one, that retirees have to obtain high financing. A common formula is for the heirs to request a new loan with better conditions to pay off the debt and maintain the home.
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