Posted: Fri Dec 2, 2022 5:06pm
I have no knowledge of spanish equity law so i can't actually comment but if its anything like uk please please dont do it , my freinds mother and father did it in uk unbeknown to my mate , it was 12 years ago and borrowed 45k on a value of property at that time £265,000 which was hugly less in my opinion to what should have been given , anyway you have to stay in the house until either death or if to go into long term care home , sadly my freinds father passed away 5 years ago and his mum just couldn't live in the house ss was quite large and i suppose memories, anyway she called provider and in no uncertain term said the value as it stands was £135,000 after just 8 years on borrowing £45,000 but then if she wanted to sell they would require an additional £30,000+ sorry just can't remember exactly but sure you get idea which is what the equity release company expected them to stay longer in the house when original agreement made , she did sell the house for just under 300k and only received about 125k cash , absolutely disgusting and as much as my freind tried there was nothing he could do , it did end ok as him mam did find a lovely bungalow ad is extremely happy there but each time she sees advert on tv for equity release she wants to throw anything at it as it is so upsetting , like i say this is std practice in uk do just ensure you check, check and check again if doing it in spain