Not only that, but all the documents you have to provide (and they are many and complicated) have to be professionally translated into Spanish - very expensive. You also have to apply to the consulate in person within a narrow time span before you wish to travel. These long term visas are an anachronism dating from before Schengen was set up and which they are trying to phase out by making it difficult to get. The fees are non-refundable in the event of refusal and if you apply for them on a regular basis (assuming the first one is granted) then they will refuse on the grounds that if you wish to spend that much time in the country you should take out residency instead. So, in summary, difficult to get, very expensive and, at best, a short-term solution.
PS I almost forgot - getting medical
insurance for more than 90 days is difficult - especially if you are of retirement age. One company quoted me a premium that was so high that I could have spent the winter in Australia (where they have free reciprocal health care) for less!!