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 have announced the launch of their reverse mortgage, specifically aimed at individuals over the age of 65. This joint venture between the two entities will begin selling the product on November 20th, with a fixed interest rate of 5.99% and a minimum property valuation of 200,000 euros.
This product allows homeowners to use their property to apply for a loan that can supplement their pension. The client can continue to reside in the property and will receive a monthly income. Depending on the individual's age and property valuation, this financing option allows homeowners to obtain between 25% and 50% of the property's value. The reverse loan can be repaid by the heirs after the homeowner's passing.
Approval from the Ministry of Economic Affairs and Digital Transformation was granted to both companies on September 11th, allowing them to begin commercializing the reverse mortgage they had announced over a year and a half ago.
The product will initially be launched on November 20th as a pilot program in the city of Madrid, with plans to expand to the entire Community of Madrid in the first quarter of 2024. Gradually, other regions will be incorporated until the product is available nationwide by 2025.
The initial interest rate set for the Santander and Mapfre reverse mortgage is 5.99%, "in line with the market rates for this type of product," according to the companies. There is no opening commission, and the costs of formalization have been minimized to less than 600 euros per transaction, which includes the property valuation (around 300 euros) and half of the financial advisor's fee (approximately 242 euros), with the bank covering the remaining half.
To qualify for this product, the property must be free of liens and located in an area with a high turnover of property sales and limited price volatility. This is to ensure that the heirs can easily sell the property if they choose not to keep it after the homeowner's passing. Additionally, the property must have a minimum valuation of 200,000 euros and serve as the primary residence for the owners, who must be the sole occupants.
The reverse mortgage can be contracted in two modalities: with or without a lifelong income. In the first case, monthly payments are guaranteed until the passing of the last homeowner. This is achieved by combining the mortgage with a lifelong income product from Mapfre Vida, the cost of which is included in the mortgage from the start. This ensures a monthly income until the homeowner's passing, and the premium for the lifelong income is refunded to the heirs if the client passes away before being able to enjoy it.
In the second modality, monthly payments are guaranteed until the client reaches their life expectancy. Once the client surpasses this age, they will no longer receive the monthly payments. This option reduces the debt on the property but may pose liquidity problems for the client, especially in their later years, which typically require additional resources to ensure personal care and quality of life.
One essential requirement for clients to qualify for the loan is that the heirs have been informed in advance. Upon the passing of all mortgage holders, Santander and Mapfre provide a nine-month interest-free period for the heirs to decide among various options. They can either sell the property and keep the remaining amount after paying off the debt or keep the property by canceling the loan.
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