In addition to the necessary economic reactivation, the reverse mortgage constitutes a legal tool for access to credit aimed at ensuring the dignity and quality of life of older adults. In Costa Rica, reverse mortgages lack regulation, beyond what is established in bill number 19,475, the Comprehensive Law for the Older Adult Person (Ley Integral para la Persona Adulta Mayor), and the Law for the Strengthening of the National Council for the Older Adult Person (Ley de Fortalecimiento del Consejo Nacional de la Persona Adulta Mayor). Access to credit continues to be an ordeal (vía crucis) for older adults due to various reasons, obstacles, and problems that must be resolved as promptly as possible.

This interesting legal mechanism originates from Anglo-Saxon law, and it is worth noting that it has been a successful experience in several countries, such as the United States, Great Britain, Canada, and Spain, among others. Under this modality, the enforceability of the credit and eventual foreclosure of the asset arise upon the death of the applicant. It is a mortis causa legal transaction.

To determine the credit amount, part of the analysis must focus on the market value of the asset, the applicant's life expectancy, the maturity of the real estate market, and the interest accrued over time.

By way of example, in Great Britain, three modalities apply under this mechanism: 1) the disbursement of the credit in a single lump sum, accruing fixed or variable interest payable monthly or annually by the applicant, and at the time of the applicant's death, only the principal will be paid off by the interested heirs; 2) the disbursement of the credit in monthly installments, accruing fixed or variable interest added to the principal on a monthly or annual basis, payable (both principal and interest) at the time of the applicant's death by the interested heirs; or 3) a fixed payoff amount is agreed upon that is higher than the disbursed credit amount, without accruing interest, and upon the death of the applicant, said agreed amount will be paid off by the interested heirs, either directly or through the sale of the asset.

On the other hand, in the United States, there is generally a single ("lump sum") disbursement; the opening of a line of credit that allows the individual to access funds in installments until the total authorized amount is exhausted; receiving the principal in monthly installments; or a combination of the latter two.

It is important to clarify that the heirs would not be obligated to pay the debt (under any modality previously agreed upon with the decedent), in which case, the asset would be awarded to the creditor or proceed to a foreclosure sale (remate). The asset could form part of the estate assets (taking the lien into consideration), or otherwise be awarded or auctioned off by the entity when the heirs do not express an interest in paying off the agreed credit, or if they do express interest but fail to comply with the agreed terms.

In contrast to a traditional mortgage, the credit amount does not decrease over time; rather, it remains the same or increases following the death of the applicant. Broadly speaking, the traditional mortgage pursues an economic and/or collateral warranty purpose, whereas the reverse mortgage clearly adds a social focus that is deeply needed in these critical times.