Lifetime Mortgages
Lifetime Mortgages
A lifetime mortgage is a financial product designed to help those over 65 or individuals with disabilities supplement their income. It consists of a loan or credit line secured against your property, allowing you to access liquidity in a flexible and secure way without losing ownership of your home. Unlike a standard mortgage, a lifetime mortgage has no monthly repayments; there is no need to pay it back month by month.
Discover the best way to enjoy the savings built up in your home
How does a lifetime mortgage work?
A lifetime mortgage is a loan exclusively for people over 65 or those with disabilities who own their home and wish to increase their liquidity while retaining full ownership.
Discover how your home can increase your income.
What are the advantages?
- Flexible payments: Funds can be received as a single lump sum at the start, in monthly instalments, or a combination of both.
- Retain ownership: The client retains full ownership and the right to live in the property.
- No monthly instalments: There are no monthly repayments. The loan is only settled after the owner passes away or when the client freely chooses to do so.
- Regulated product: It is governed by Law 41/2007, designed to promote a secure market for equity release plans, allowing seniors to use their property wealth to increase their income with full legal guarantees.
Requirements for a lifetime mortgage
1. Be over 65 years old or have a registered disability.
2. Own your own home.
3. Be a resident of Spain.
4. No outstanding debts (the loan can be used to clear existing charges).
5. Applicable only to your primary residence (main home).
6. Applicable only to your primary residence (main home).
7. Must have heirs
8. Depending on the provider, additional requirements may apply.
Why does Óptima Mayores offer the best lifetime mortgage in 2025?
The ideal lifetime mortgage for one person may not be the right choice for another. At Óptima Mayores, we advise you so that you can make the best decision. We provide access to the best alternatives in the market and perform a free, no-obligation comparative study with all the details you need. Furthermore, we support you throughout the process, assisting with documentation and any necessary legal procedures. In 2025, we offer over six new alternatives to ensure we find the option that best fits each client’s specific needs.
Other Frequently Asked Questions
At Óptima Mayores, we understand that taking out a lifetime mortgage is an important financial decision. Below, we answer the most common questions.
Requirements
Who can apply?
In Spain, it is available for those over 65 (or with 33% disability) who own their main home, reside in Spain, and have heirs. Providers may set extra criteria regarding property value or location.
How much can I receive?
The maximum amount depends on the property value, your age, and the provider’s conditions.
Ownership and Right of Use
Do I still own my home?
Yes. You never lose the title to your property.
Can I take one out if only one spouse is the owner?
Yes, there are options where the non-owning spouse is protected as a beneficiary.
Can I rent out my home?
Yes, as the home remains yours, you can rent it out (subject to informing the provider).
Repayment and Inheritance
How is the loan repaid?
There is no obligation to repay it during your lifetime. Upon death, heirs are responsible for settling the debt, usually within a year.
What happens to the heirs?
The property is never automatically taken by the bank. It forms part of the inheritance along with the debt. Heirs can sell the house to keep the profit, take out a new mortgage to keep the home, or settle the debt with their own funds.
Taxation and Interest
What is the tax treatment?
Money received from a lifetime mortgage is not considered income and is therefore tax-free.
How does interest work?
Usually at a fixed rate. Interests are not paid monthly but are added to the total debt.
If you are looking for more information about reverse mortgages and other solutions for the over 65s, the Óptima Mayores team is at your disposal.
