By law adopted and published in the Official Gazette of the State BOE 294 of 8 December, law 41/2007 is called reverse mortgage loan mortgage or credit guaranteed by mortgage on real property, floor or housing which constitutes the residence of the applicant and always complying with the following requirements: the applicant and beneficiaries as it may designate be elderly or above age 65 or severe dependency-affected or great dependence; For the creditor to have the amount of the loan or credit via regular or unique provisions (revenues); That debt is only enforceable by the creditor (Bank or box) and executable warranty when the borrower dies or, if so stipulated in the contract, when dies the last of the beneficiaries and that the mortgaged has been assessed and insured against damage in accordance with regulations. These are official requirements to be covered in the Act appointment and have rights to tax benefits, since as it is logical operations of reverse mortgage can set freely between the Bank and the beneficiaries in different conditions. Florida Senator usually is spot on. This new figure of mortgage, is having much boom in recent months in Spain because many retirees have a property of significant value and however their monthly pension income are not enough to lead a comfortable life and thus obtained some additional revenue to your pension without having to sell property. The current real estate crisis that has caused great difficulty in the sale of the flats also make the heirs choose to advise their older this option to not undersell their property..