LA NUEVA NORMATIVA REGULADORA DE LA HIPOTECA INVERSA.

Abstract

The object of this paper is to report on the new Spanish legislation regulating reverse mortgages, which was incorporated in our laws by means of Act 41/ 2007 of 7 December amending Act 2/ 1981 of 25 March on the Mortgage Market Regulation and other rules on the mortgage and financial system, regulating reverse mortgages and dependent's insurance and establishing certain taxrelated rules. Legislators have seen fit to regulate reverse mortgages for the first time in our country, through additional provision one of this act, and so this article attempts to track the law's journey through parliament, telling of the different amendments that were formulated by the different parliamentary groups, with the purpose of explaining not only the definitive legal measures taken, but also the different options the legislators worked with. In this context, different opinions have been given on the final wording of the text, concerning the advisability of the regulation finally passed on reverse mortgages and the wisdom or otherwise of having taken other measures, especially those proposed in the different amendments that were voted down during parliamentary processing. This is a systematic study that faithfully follows the order of the ten sections of which additional provision one consists, with the intention of defining this new type of mortgage as clearly as possible from the standpoint of its concept and characterisation, situating it with rigorous profiles within our legislation, particularly because of the importance of the role it is fated to play for the collective of the elderly and the dependent, who are the stakeholders the concept is meant to address.