Reverse Mortgages: A Market Experiencing a Resurgence with New Players
Two financing companies, Jubilé and Mirabelle, have obtained approval to offer reverse mortgages in France. They are joining the BPCE network and the specialized brokers Arrago and Skarlett in a market that has long been underserved. At the same time, new options such as the partial sale offered by Merci Prosper are expanding the range of solutions available to senior homeowners.
An ecosystem taking shape at breakneck speed
A reverse mortgage (PVH) allows a homeowner over the age of 60 to borrow an amount secured by a mortgage on their home, without making monthly payments during their lifetime. The principal and accrued interest are repaid only upon the borrower’s death or when the property is sold. Established under Article L. 315-1 of the Consumer Code, this mechanism has existed under French law since 2006 but has never truly taken off. For nearly twenty years, the market consisted solely of the BPCE network (Caisse d’Épargne and Banque Populaire), which markets the product under the Foncier Reversimmo brand, and a few regional players such as Crédit Municipal de Nantes and CFCAL. No major national bank has entered this market.
The ecosystem has, however, expanded considerably. Among direct lenders, two financing companies have obtained their licenses in less than a year. Jubilé, a mission-driven company founded in 2022 by professionals with backgrounds in finance and tech (Renaud Baboin, co-founder of Pristine Finance, and Mikael Levy, formerly of JP Morgan and Amundi), received its license in September 2025, accompanied by a €3 million funding round. Its digital platform generates a personalized simulation in three minutes. Mirabelle followed suit in April 2026, raising 6 million euros from investors in the insurance and life annuity sectors (the Renée Costes Group, OCIRP, and the Intériale Group). Mirabelle positions itself as the only independent lender dedicated to financing “aging well.”
Among specialized brokers, Arrago (founded in 2017, “Prêt 60” product) and Skarlett act as intermediaries between seniors and partner lenders, without carrying the loans on their own balance sheets. Arrago has pioneered the digitization of the customer journey and offers a unique “Inheritance Protection” option that sets aside a portion of the property’s value for the benefit of the heirs.
The overview would be incomplete without mentioning Merci Prosper, which offers a radically different approach. Its “Prosper contract” is not a loan: the senior sells a portion of their property (between 10% and 50%) to a dedicated real estate company in exchange for a lump sum paid within 90 days. There is no debt, no compounded interest, and no mortgage.
The senior continues to occupy the property full-time and may repurchase the transferred share or transfer part of it to their heirs. Supported by La Banque Postale through the Platform58 incubator and holding ESUS (social solidarity enterprise) certification, Merci Prosper targets homeowners over the age of 65 in cities with populations of more than 30,000.
Solid protections, but trade-offs to understand
The PVH has features that every potential borrower needs to understand. It does not require loan insurance or a health questionnaire, making it accessible even to those who are typically excluded from traditional loans. However, interest accrues throughout the life of the loan: the debt grows over time, and the total cost can be high over the long term. The maximum loan-to-value ratio varies by age: it increases as statistical life expectancy decreases.
There are three payment options: a lump-sum payment, a monthly life annuity, or a combination of the two. The law provides an essential safeguard: if the amount of the debt exceeds the value of the property at the time of death, the heirs are not required to make up the difference. The lending institution assumes this risk.
The choice between a reverse mortgage, a traditional mortgage, and a partial sale depends on the senior’s circumstances. A reverse mortgage is suitable for those who want to keep full ownership of their home and do not want to make any monthly payments. A partial sale (such as the “Merci Prosper” program) avoids any debt but requires selling a portion of one’s assets. A traditional mortgage, with monthly payments, remains an option for seniors who still have sufficient income. In any case, the basic steps are the same: verify the lender’s accreditation on the REGAFI registry, seek guidance from an independent advisor, and compare offers in a market that, for the first time, is truly competitive.
