2023-11-14 06:50:14
It is always said that in Spain we do not save for retirement, but this is not entirely true. The reality is that we Spaniards do save, but we do it in our homes. More than 70% of the wealth of Spanish families and homes is in real estate savings and 90% of our people over 65 years of age own a home. Instead of allocating savings to pension or private savings plans, in most cases we allocate them to the purchase of a home. Those over 65 years of age in Spain have accumulated savings in housing more than 6 times higher than accumulated in all private pension plans. The reverse mortgage of Óptima Mayores It is the financial instrument that allows us to enjoy this savings in retirement, without giving up either the ownership or the use of the home. Since 2005, this financial product can be contracted in Spain with all the guarantees and with professional and close specialized advice thanks to Optimal Seniors. The Navarra headquarters has been located in the La Estrella de Tajonar Business Park (2 Berroa Street). “Since the possibility of obtaining economic liquidity from real estate assets became known, we are seeing enormous interest in our product, which in addition to being financial, in many cases has an important social component. Maintain the standard of living enjoyed until retirementcanceling debts, helping family members or facing high care expenses, are some of the reasons for consultation for hiring them,” explains Rafael Velázquez, delegate of Óptima Mayores for Navarra, Álava, Guipúzcoa and La Rioja.
What conditions must be met
One of the requirements to be able to access this financial instrument is to own a home where the interested person has been registered for at least the last three years, and whose value exceeds 150,000 euros. In addition, the interested party must be over 65 years of age. The amounts received from the reverse mortgage are not taxable, as it is the disposition of a loan. Unlike what happens with a sale of bare property or sale with rental, the reverse mortgage can be canceled early at any time, returning to the financial institution the debt accumulated until the day of cancellation. “The repayment of the loan is not made until the death of the owners, so the interested person receives extra income during lifeenjoys greater liquidity and peace of mind, and retains ownership of the home until it passes to his heirs,” says Velázquez.
The reverse mortgage, for various reasons, is destined to become a common financial product in our countryand in Optimal Seniors We know what we’re talking about. Not in vain, 90% of the reverse mortgages that were contracted in Spain in 2022 were carried out with our intervention, having advised more than 45,000 people since 2005 to date. Without a doubt we will approach other European countries where its regularity means that it has long been incorporated into their financial markets, hiring every year. more than 40,000 reverse mortgages.
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