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Reverse mortgage

With a reverse mortgage you will receive a lump sum down payment, a monthly rent or a combination of both and retain ownership and usufruct of the home. In addition, you will not have to repay the mortgage during your lifetime if you choose to do so.

Want to know more?

Phone: (+34) 910 413 840
Email: info@aunmasvida.es

1. Apply for a reverse mortgage

2. Maintain ownership of your home

3. Continue to enjoy living in the house for life

What is Reverse Mortgage?

The reverse mortgage is a type of mortgage loan, aimed at people over the age of 65 who own a home. In contrast to the conventional mortgage, in this case it is the holder who receives an amount from the bank in exchange for the property (usually in the form of a lump sum, monthly rent or a combination of both). The advantage is that you can continue to use it until your death and at no time do you lose ownership of your home.

If you want to know more about this type of mortgage, visit our article where you will learn all about reverse mortgages.

Advantages of the Reverse Mortgage

REMAINS AS OWNER

The user remains the owner of the property.

There are no repayment instalments

The user can repay the loan during his or her lifetime if he or she wishes to do so, or after his or her death. In the latter case, the heirs are responsible for settling the accumulated debt.

COST REDUCTION

The user will only have to assume the costs of the official appraisal prior to the granting of the reverse mortgage. All other associated costs will be included in the amount of the loan itself (arrangement fee, notary fees, land registry fees, etc.).

NO TAXATION

The amount received is not subject to any taxation.

MORTGAGE LIQUIDATION

In addition, the user will be able to take out a reverse mortgage to pay off an existing mortgage.

 

Steps to follow

 

Requirements:

Preferably person(s) aged 65 years +

A homeowner

The home must be declared as a principal residence.

    The process

    1. We meet with the interested party to find out preferences and specific needs.

    2. We consulted with the different entities about the options available and presented you with various reverse mortgage proposals.

    3. The official valuation is carried out by an independent valuation company approved by the Bank of Spain and the National Securities Market Commission (CNMV).

    4. A binding offer (final proposal) is issued by the institution.

    5. The transaction is formalised before a notary and the amount of the reverse mortgage is received.

    Frequently Asked Questions

    ¿Se puede contratar una Hipoteca Inversa para cancelar otra previamente existente?

    Sí.

    ¿Cómo se devuelve el préstamo que se ha recibido?

    El usuario puede devolver el préstamo en vida si así lo desea o bien tras su fallecimiento. En este último caso serán los herederos los responsables de liquidar la deuda acumulada.

    ¿Qué gastos tiene el usuario para formalizar la hipoteca inversa?

    El único gasto que tendrá que asumir el usuario con carácter previo a la concesión de la hipoteca inversa es el importe de la tasación oficial sobre el inmueble.

    ¿Qué cobra la entidad por conceder la hipoteca inversa?

    La entidad cobra un tipo de interés anual por el importe prestado. Este se va acumulando anualmente al importe de la deuda.

    How much money is received?

    At Mas Vidawe consider the following factors to determine the reverse mortgage you will receive:

    • Market value of the house
    • Rental value of the house
    • Gender and age of owner

    If you are interested in a reverse mortgage study we need you to send us the following information to our email addressinfo@aunmasvida.es:

    • Personal information of the interested party (copy of NIF, NIE or Passport).
    • Documentation of the house (exact address of the property and the last receipt of the Real Estate Tax).
    • Contact telephone number.