Santander and Mapfre to Introduce Reverse Mortgages in Spain

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 credit that has been generated, yes, Higher interest than 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.