Lifetime Mortgage 2023
What is a Lifetime Mortgage?
A lifetime mortgage, also known as lifetime loan, is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out. You keep full ownership of your property. Lifetime mortgages in Spain are available to homeowners aged 65 or over. You can take the money as a lump sum or as series of monthly lump sums. There’s nothing to repay until you die.
Discover the best way to unlock the equity of your property
How does a lifetime mortgage work?
- The Lifetime Mortgage is a type of equity release option for people aged 65 and over, who own a home and want to increase their liquidity by keeping their property.
Find out how your home can increase your income
What are the benefits?
- The funds can be received as a lump sum upfront, in the form of monthly instalments, or a combination of both, such as an initial lump sum followed by monthly instalments.
- The client retains ownership and the right to use the property.
- There are no monthly repayment instalments; the amount is only repaid after the client’s demise or at their discretion.
- Financial product regulated by Law 41/2007 aimed at promoting the development of a lifetime mortgage market that enables seniors to utilize a portion of their real estate assets to enhance their income. This product holds immense potential for generating economic and social benefits.
Eligibility criteria for a lifetime mortgage
1. Be over 65 years of age
2. Own your own home
3. Resident in Spain
4. No outstanding debts (the mortgage can be used to cancel previous debts)
5. Only applicable to the first or primary residence
6. Property located in an urban area (> 150,000 Euros)
7. Must have heirs
8. Additional requirements may vary depending on the lending institution
Calculate your lifetime mortgage
The maximum amount is calculated according to the age and value of the property.
Why does Optima Mayores offer you the best lifetime mortgage?
At Óptima Mayores, we understand that the ideal Lifetime mortgage solution varies from person to person. That’s why we provide personalized advice to help you make the best decision. We offer a range of top-quality lifetime mortgage options available in the market. Our team will create a personalized illustration specifically for you, free of charge and with no obligation. This illustration will present all the relevant details you need to make an informed decision. We will guide you throughout the entire process, assisting with documentation and any necessary formalities or corrections that may arise. Your satisfaction and peace of mind are our priorities.