Juan Brignardello Vela
Juan Brignardello, asesor de seguros, se especializa en brindar asesoramiento y gestión comercial en el ámbito de seguros y reclamaciones por siniestros para destacadas empresas en el mercado peruano e internacional.
Seguros 17.11.2023
Banco Santander and Mapfre will battle Caser for supremacy with their most controversial product. The reverse mortgage from Banco Santander and Mapfre was announced in February 2022 and is now finally here, almost two years later. The companies, led by Ana Botín and Antonio Huertas respectively, have begun the commercialization of their reverse mortgage through the joint venture created by both companies. This product is aimed at supplementing retirement income and is targeted at individuals over 65 who own a property and wish to utilize their accumulated savings without having to leave their home or give up ownership. The hesitations surrounding this product have led the entities to carefully consider the details before its commercialization. Caser, which has been offering this product since 2019, theoretically has an advantage in the competition for this option and will be the strongest rival.
The reverse mortgage from Banco Santander and Mapfre is a financial instrument whereby a loan, estimated based on life expectancy, is granted to the client and a fixed amount is deposited monthly. The client does not have to repay anything during their lifetime, and after their death, the heirs are responsible for repaying the consumed loan and its interest. This product can be contracted in two modalities: with and without a lifetime annuity. In the first case, the monthly payments are guaranteed until the death of the last borrower, thanks to the inclusion of a lifetime annuity product from Mapfre Vida, the cost of which is included in the mortgage from the beginning. This ensures a monthly income for the client until their death, and the premium for the lifetime annuity is returned to the heirs in the event that the client passes away before being able to enjoy it. In the second modality, the monthly payments are guaranteed until the client's life expectancy. This means that if the client surpasses that age, they will no longer receive monthly payments. This option reduces the debt on the property, but the client may face liquidity problems if they exceed that age, especially in their last years of life, which are typically the most in need of additional resources to guarantee personal care and ensure their quality of life.
In all cases, the property must be free of liens and located in an area with fast real estate sales and limited price volatility. Only the owners can live in the property, and it must be their primary residence. The initial interest rate set for the commercialization of the reverse mortgage from Santander Mapfre is 5.99%, in line with the market's current interest rates for this type of product. There are no opening fees, and the costs of formalization have been minimized to be less than 600 euros per transaction. Upon the death of all the mortgage holders, Banco Santander and Mapfre guarantee nine months without interest payments to the heirs, allowing them time to decide among various options. They can sell the property and keep the remaining amount after paying off the debt, keep the property by canceling the loan, or renounce the inheritance. In all options, Banco Santander and Mapfre will provide support and advice to the heirs to fulfill their wishes.
The reverse mortgage will be available for contracting at Banco Santander and Mapfre branches, where interested clients will undergo a simple simulation to ensure they meet the necessary conditions and that the income they will receive is beneficial for them. If the profile is suitable, the management will be handed over to professionals with specific training in this product who will accompany the client throughout the process and help resolve any doubts. In parallel, the contracting of the reverse mortgage requires independent advice from a professional not affiliated with the company, who will guide clients before making the final decision. This is a legal requirement, and without this advice, the mortgage cannot be signed. Banco Santander and Mapfre have also included the heirs' information as an essential requirement for signing the loan.
The product will be available for commercialization on the 20th of this month, initially in the city of Madrid, and it is expected to expand throughout the Community of Madrid by Banco Santander and Mapfre in the first quarter of 2024. Subsequently, it will gradually be introduced in other regions until it is available nationwide by 2025. The data shows that it is a product with low demand, although it has been growing over the years. From 149 in 2019, it decreased to 111 in 2020, increased to 197 in 2021, and reached 549 last year. According to data from the Notary Registry, 177 reverse mortgages were closed in the first quarter of this year. Now we have yet to see what results Banco Santander and Mapfre will achieve.
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