Abstract

DEVESA-CARPIO, José Enrique et al. A Financial-Fiscal Analysis of Inverse Mortgages in Spain. Innovar [online]. 2012, vol.22, n.45, pp.111-126. ISSN 0121-5051.

The main objective of this work is to determine the bases for obtaining fiscal financial profitability, both theoretical and applied, for the three most important modalities of Inverse Mortgages. To do so, the inverse mortgage is considered as a broader and complex part of an actuarial-financial long-term pension savings operation. It is thought that the operation begins with investment of a monetary unit to purchase of housing, to be subsequently linked to an inverse mortgage. This requires the use of a financial, fiscal and actuarial methodology, while studying three modalities of inverse mortgages: temporary, lifetime, and associated with an Annuity Plan. Differences are also noted in terms of financial-fiscal profitability compared to other more common pension savings alternatives in Spain. It may be concluded that the use of inverse mortgages is highly recommendable given their considerable financial-fiscal profitability. We have also been able to determine that there is a "critical" age for buying property, around 50, after financial-fiscal profitability becomes lower than financial profitability, which could make it interesting to invest in an alternative product such as Pension Plans or Annuities.

Keywords : inverse mortgage; financial-fiscal profitability; actuarial mathematics; oversight of operations in Spain.

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