The General Council of Notaries has recorded an increase in reverse mortgage transactions in recent years among people over 65 years of age, although they point out that they are still very residual operations. Specifically, according to data from the Notary Statistics Information Centre, 409 reverse mortgages were authorised in 2023, compared to 31 in the whole of 2017, which represents an increase of 1200%.
The growth of this product is constant, although it has increased in recent years. In 2018, notaries registered 45 acts; in 2019, 149; in 2020, 111; in 2021, 197, to climb in 2022 and 2023 to 549 and 409 acts, respectively. In the first half of the year they stood at 143.
These mortgages consist of customers over 65 years of age with a home they own and have already paid for, mortgage a percentage of it to receive liquidity with which to support themselves financially for the rest of their lives.
On the other hand, notaries point out that the bulk of the operations carried out by those over 65 years of age are wills and general and preventive powers of attorney. Specifically, they account for 98% of the asset protection acts carried out in the first half of 2024.