Mark,
As you have noted, the Spanish mortgage market is very different to the U.K. market.
However, this sort of subject, (equity release/lifetime loans), is likely to become more frequent as time passes. (Two posts in the last week or so, and we are all getting older).
Would it not be a good idea to ask one of the friendly lawyers on here to post a few lines on the subject ?
I understand that Spain has a system similar to the French “viager” process, which can be viewed as an equity release system, through a combination of part capital and part future income. From what I have read on the subject, the process is managed by insurance companies in Spain.