In Spain, there are more than 8 million people over 65 with property in their own homes. Accumulate savings of 600,000 million euros in housing compared to 120,000 million in pension plans for the total population.
However, last year only 45 reverse mortgages were commercialized in our country, according to the figures offered by the General Council of Notaries. But, let us start at the beginning. What is a reverse mortgage? And why are so few marketed?
You may have heard about a new formula for selling a house and getting extra money in recent years. It is an option designed for seniors. It is called naked property and is a formula that allows owners to sell a home, receive money in return and continue to reside in it for life.
This is also advantageous for buyers since this allows them to acquire a property below the market price. In recent months, the percentage of owners who have opted for naked property has experienced unprecedented growth in Spain. According to data from the Real Estate Experts Network and the Real Estate Training Institute (IFEM), in 2017 the number of naked property operations increased by 150%, but in the first quarter of 2018, the increase was up to 300%, It indicates that more and more people are choosing to join this formula.
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