The General Director of Commercial Banking of Santander Spain, Ángel Rivera, and the Vice President of Mapfre and CEO of the company in Iberia, José Manuel Inchausti, yesterday signed the agreement by which Santander Seguros and Mapfre share 50% of the joint company which will operate, once the required authorizations have been obtained, as a financial credit establishment to develop the reverse mortgage, which will be distributed exclusively through the networks of both companies in Spain.
With this agreement, Santander and Mapfre are committed to leading the reverse mortgage business in the Spanish market and offering services specially designed for the senior segment.
The reverse mortgage is a financial product designed so that older people can obtain a supplement to their income thanks to their home, without losing ownership or the right to use it. It is a special type of mortgage loan aimed at people over 65 years of age, with a home they own without charges, which allows liquidity to be obtained from that real estate asset without losing ownership of the home, which can be enjoyed until the time of death. . This product can be complemented with life annuity insurance that guarantees the same level of income for life.
The joint venture between Santander and MAPFRE will work on the design, configuration and conditions of the reverse mortgage, with the focus on offering senior clients value services adapted to their needs, with simple processes to facilitate contracting the product.
Strategic alliance
The creation of this company is one more step in the relationship that Santander Spain and Mapfre began to forge three years ago, when both companies reached an agreement to distribute company and automobile insurance, commercial multi-risk, SME multi-risk and civil liability insurance.