So many of our clients, for whatever reason, think they do not qualify for at least one of our equity release solutions in Spain.
The fact remains; If you are over 65, then, generally speaking, it is not possible to borrow against your assets in Spain.
Lifetime or Reverse mortgages are not available in Spain. These are popular back in the UK, but the Bank of Spain will not allow us to sell the service to our foreign clients in Spain.
So, how can JJC capital partners do it?
Firstly, we have a fund with a deep reserve of money backing us.
This is a big help for our property owners. To release any of the equity on your home in Spain, you must sell your house in exchange for a lump sum or monthly annuity (typically 50-60% of retail value).
You then have the right to continue living in the property – usually for life. It is not unlike the rules that a regular high street bank puts on a regular Spanish mortgage, really.
What we mean is, if you take out a loan on your home, but stop paying for any reason, the bank will reclaim your property. Effectively, they own it, you live there making the monthly repayments. Here with equity release, you get the money upfront but the investment fund owns your property- you just live there usually without making payments in most cases.
Rights and protection
Your rights to continue living in your property are protected 100% in Spanish Law and registered with the Cadastral – the Spanish land Registry.
Just like a mortgage when the bank can’t suddenly decide to kick you out onto the street, neither can the investment fund kick you out of your home in Spain.
After the financial crisis of a decade ago, the rules to protect the homeowner in Spain, rightly, became very tight.
Many people in Ireland and the UK were subject to illegal SCAM schemes. In fairness to the Bank of Spain, they are helping to eliminate this.
With JJC equity solutions, not a single penny changes hands until you receive your lump sum at the Notary. The notary is worth mentioning too- they, like your lawyer, are here to protect our clients.
All fees and commissions are paid from your lump sum at the very end of the process. There are none or almost zero upfront fees. Maybe you have found the answer to your equity release issues in Spain right here!
Please get in touch with JJC Capital Partners today!