Annuities

Reverse mortgage

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What makes our reverse annuity mortgage different

The Reverse annuity mortgage is a product that combines a reverse mortgage with a life annuity insurance policy, intended for people over 65 years, owners of their main residence and who, with the mortgage guarantee of the latter, allows them to obtain a monthly life annuity, while retaining their use and ownership.

Once the last account holder has passed away, his/her heirs have a period of 12 months to pay the debt accumulated until that time.

Without losing your home

You can continue to live the property while you receive the deferred life annuity.

Tax

During the availability phase of the mortgage loan, monthly income is exempt from personal income tax.

Double income

Get a double income for your home: the life annuity and a rental income, by prior consent of the entity.

How our reverse annuity mortgage works

In the first stage, the income is obtained from credit.

In the second stage and until the death of the last of the holders, it is obtained from the deferred Life Annuity initially taken out. The ownership of the property is not transferred.

The owners can continue to live in the property.

If in the future, you could no longer live in your home, you could rent it, subject to approval by the Company, to cover the cost of a similar residence or centre.

Upon death, the heirs will receive the difference between the value of the home and the accumulated debt

Although credit is always received in the form of income, for all transactions, there is an initial provision for payment of the set-up fees and for payment of the premium of the Life Annuity Insurance. This means that the customer will not have to make any payments.

Optionally, and with certain limits, you can request an amount for other destinations. For example:

Cancel debts (mandatory if they are taxed on the property).
Renovating the property and others.

Get a supplement to your pension, which allows you to enjoy your new life as you planned when you retire.

Services included in our Reverse Mortgage insurance

Courtesy service

A lawyer when you need one most

Resolve any legal matter that may arise in your private or family life.

24 hours a day, 365 days a year.
No limit on consultations.
Social Security administration procedures and claims for Social Security benefits.

Go to Legal advice helpline

Courtesy service

A doctor at your disposal 24 hours a day

We put you in contact with a professional by telephone or video call to answer any health-related query you may have.

At any time of the day, wherever you are.
Immediate attention, with no waiting lists.

Go to Telephone medical advice

Taxation of our reverse mortgage

Tax

The income obtained from the Reverse Mortgage is exempt from tax, as it forms part of a credit.

Deferred annuity amounts are taxed as income from movable capital and are subject to a withholding determined by the age of the owner of the property at the time the income is received.

At the time of death, inheritance and donations tax is reduced in relation to the value of the property, taking into account the amount of the credit used.

FAQs

This is a type of credit with mortgage guarantee that allows the value of a property to be transformed into money without the need to lose ownership, so neither the owner nor their heirs will lose their rights.

Being as it is a mortgage loan, there are costs involved with this type of transaction: notary, land registry, taxes, etc. There is also a one-off payment when taking out the insurance, which allows the life annuity to be paid. All of these expenses are financed with the same credit.

The amount of the income is calculated according to the age of the youngest account holder, the valuation of the property and the town in which it is located. This information allows you to simulate the reverse mortgage.

Once the last account holder has passed away, his/her heirs have a period of 12 months to pay the debt accumulated until that time. You can also cancel it early whenever you want. Life annuity insurance does not offer the possibility of redemption and will generate the income at the time planned, if the customer has not passed away.

Yes, as the property is owned by the holder. With the income generated by the sale, the accumulated debt may be paid up until the time of the Inverse mortgage.

Life annuity insurance does not offer the possibility of redemption and will generate the income at the time planned, if the customer has not passed away.

FAQs

Reverse mortgage

What makes our reverse annuity mortgage different

Without losing your home

Tax

Double income

How our reverse annuity mortgage works

Longevity risk cover

Possibility of accessing an initial amount

Complement your retirement pension

Access Guide to the Inverse Mortgage

Services included in our Reverse Mortgage insurance

Legal advice helpline

Telephone medical advice

A lawyer when you need one most

A doctor at your disposal 24 hours a day

Taxation of our reverse mortgage

Tax

Tax

FAQs

What is a reverse mortgage?

What are the costs involved when taking out an inverse mortgage?

Simulation and calculation of a reverse mortgage

When is the Inverse Mortgage cancelled?

Can I sell the property once I have been granted the Inverse mortgage?

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