Santander Mapfre Reverse Mortgage, EFC
According to the information sent this Monday by Mapfre in a press release, after this authorization, the joint venture will advance with the procedures for the marketing of the mortgage. It is expected that the product will begin to be marketed before the end of 2023, and will be done exclusively through the Santander and Mapfre office networks in Spain.
In April 2022, the Competition services of the European Commission approved the joint venture between Banco Santander and Mapfre, which will operate as a financial credit establishment to develop reverse mortgages. Brussels ruled that the merger proposal did not pose problems for competition, given that the businesses of both companies do not have a relevant position when combined with each other.
What is a reverse mortgage?
The reverse mortgage is a financial product designed so that older people can obtain a supplement to their income thanks to their home, without losing ownership or the right to use it. It is a special type of mortgage loan aimed at people aged 65 and over, with unencumbered ownership of their home, which allows them to obtain liquidity from that real estate asset without losing ownership of the home, which can be enjoyed until the moment of death. . . The product can be complemented with annuity insurance that guarantees the same level of income for life.
