Spanish Solutions offer Equity release on Spanish properties for seniors in Spain.
Many expats are struggling in Spain with the rising costs of living here, currency fluctuations, less spendability of their pensions or investments and in some cases family or medical issues too.
Bare Ownership or Home reversion plans are now much more common in spain with 2,000 deals completed in 2019.
With a plan such as this, an owner can sell their home in exchange for a tax efficient cash lump sum or a regular income. They reserve the right to stay there- in their own home – rent free for life – for as long as they choose.
When the client passes away or they enter long-term care in Spain, the house will be sold, and the investor will take their share of the proceeds.
The plan puts cash in our clients pockets right now.
Cons of a Spanish Equity Release plan
- It is not for everyone.
- These plans offer bad value if the client suddenly dies, shortly after taking one out.
- The value of the inheritance clients leave behind is reduced.
- It is a delicate legal matter than must be handled by a professional law office.
- Spanish home owners will receive significantly less than the market value for their property.
Pros of a Spanish Equity release plan
- A property owner can take the money as a lump sum, regular payments, or a mixture of both.
- The client can remain there, rent free for the rest of their lives.
- Nobody ever needs to know the client has sold their home; there will be no “for sale” sign, no agents, no viewings etc.
- Yo can quickly have the cahs, generally within four weeks.
- All valuations are carried out by Tinsa. the Spanish national, independent valuation company.
- Money is in some cases, tax free.
- There are no upfront costs for the property seller.
- Spanish solutions are there to protect our sellers right through the process.
- No credit check or remortgage required. You cannot end up with negative equity and your heirs will never receive a bill, as can happen with Lifetime mortgage.
If you think Equity release on your Spanish home is something that may interest you, please email Nicola in Spanish Solutions: