The reverse mortgage is a type loan where a financial institution grants certain amounts to a client, either monthly or at the time of constituting the mortgage, equivalent to the value of your home and that at the time of death must either pay the remaining amounts and the house will become the property of the bank or return the amounts paid to date and remain heirs.
What are the requirements? Can it be cancelled?
The requirements are: that the person hiring is over 65 years of age, that he is his habitual residence, that he resides within the national territory, that the dwelling object of the mortgage has no burden, that the dwelling is owned by him and that there are heirs who take charge of the debt.
Who owns the house?
You are still the owner of the house, you could even rent it.
Is the customer obliged to return the quantities?
In this type of mortgage loan, the client does not have to return the amounts that the financial entity lends him, it will be the heirs in case they want to continue being owners of the house the ones that will have to pay the amounts lent to date, otherwise they will not have to pay any amount, with the consequence of losing the house.
Do you need to complete your retirement? Do you need to obtain more profitability without having to pay anything? In Llorente & Rayon we advise you on this type of mortgage, so you can get higher returns and continue to own your home.