TOP 3 Banks that offer reverse mortgage in
If you need money right now or you are worried about how to support yourself in the future, the reverse mortgage cánido help you, since through a bank loan you cánido obtain the value of your home divided into several monthly payments until the moment of your death.
We have drawn up a top 3 banks that offer reverse mortgages in Spainso you perro choose among the best.
What are reverse mortgages?
In habitual mortgages a loan is requested to buy a homeOr, remodel it.
On the other hand, in reverse mortgages, the bank will give you monthly installments or a single payment in exchange for ownership of the home, and a subsequent claim if the debt is not paid.
In habitual mortgages payments are decreasing as time passes, while in reverse mortgages the amount to be paid gets older.
reverse mortgages They are only given to senior citizens.Therefore, the bank perro ensure the claim of the house in a few decades or the payment of the total debt by the elderly or their family, although the house cánido also be left as a form of payment to the bank.
What commissions do Spanish banks charge for a reverse mortgage?
Fees vary based on several factors, some banks anchor fees based on some type of depósito rate, while others do it according to the type of payment scheduled for the loanFor example, some banks pay less if you choose the full amount of the loan for the reverse mortgage of your home, while if you choose the monthly payment for life, the payment will be higher.
Top 3 banks that offer reverse mortgages in Spain in 2023
The banks that we are going to mention below offer the reverse mortgage service, with these banks you will be able to appraise your house to later acquire the total value of it or receive installment monthly paymentswhether for life or not.
In it Ibercaja Bank you cánido get a reverse mortgage if you own the house you are living in (or a second home) and you are over 75 years of age.
You will be able to continue using the house throughout your life.
The interest is fixed at 30%, you will get 70% of the value of your house on a monthly basis.
In the event that you want to cancel the mortgage or pay it in advance, you will not have to pay other commissions.
With Bankia you cánido apply for a reverse mortgage from the age of 65.
The house must be free of debts and at the time of the death of the beneficiary escoge if the bank keeps the house or if it should be sold to pay the debt, pay the debt with other funds or gradually repay the amount of the debt in dues.
The bank caixabank It is studying the possibility of offering reverse mortgages for people over 65 years of age, but until now no specific details are known about other requirements to obtain this benefit As for this bank.
Requirements required to benefit from a reverse mortgage in 2023
In order to qualify for the benefit of a reverse mortgage, the Spanish must be over 65 years of age.
The bank offers you a value for your house and if he agrees, sign the opposite to obtain either the net value of the home or monthly payments for the rest of your life.
In the event that the elderly cánido live beyond what was initially estimated in terms of the value of the home, the bank will continue to pay their monthly payment until the day of their death (if life annuity insurance was taken out), but if the beneficiary dies before reaching a minimum amount in terms of the estimated value of the home, his heirs may collect it.
The bank cannot take away your home from the elderly while they are still alivecannot deny you the agreed monthly installments, in the event that you have chosen this payment method.
The home must be kept in excellent condition and be of high value, in addition, to opt for a reverse mortgage, the primary mortgage with which this home was purchased must be paid offor about to be paid.
Some banks reach agreements with the client to subtract the amount of the remaining mortgage from the amount of the reverse mortgage in terms of home valuation.
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