Lifetime Mortgage (reverse mortgage)
According to the report published by “Optima Mayores” Advisers, the demand of lifetime mortgages has increased to 17% (19,900 applications) until April in comparison to last year same four-month period.
This increase in the lifetime mortgage demand matches the senior citizens’ growing needs to obtain an income and the better knowledge of this product in Spain, where it was first launched in 2004. Spanish Senior citizens’ pensions are at 40% below the European average, what indicates their necessity to face their retirement financing with a peace of mind. …

On the 30 September 2010, Court no. 2 of Seville gave judgment declaring the “floor clause” introduced by the respondent entities Spanish bank BBVA, Saving Banks Cajamar and Caja de Ahorros de Galicia in the mortgage loan deeds formalised with them abusive and therefore null and void, for considering that the minimum threshold interest rates set by them are abusive and detrimental for the consumer.
Although the judgment has been appealed by the three financial entities mentioned, the Court has ordered the provisional application of the resolution. Therefore, as from …

El pasado 30 de Septiembre de 2010 el Juzgado nº 2 de Sevilla dictó sentencia en la que se declara abusiva y por tanto nula la clausula de suelo introducida por las entidades demandadas BBVA, Cajamar y Caja de Ahorros de Galicia (ahora denominada Novacaixagalicia) en las Escrituras de préstamos hipotecarios al estimar que ese interés mínimo tan elevado supone un abuso para el consumidor.
Dicha sentencia ha sido recurrida por las tres entidades mencionadas, pero el juzgado ha decretado su ejecución provisional por lo que desde el 27 de Enero …