After another loan in the Spanish second level, with CD Tenerife, Álvarez returned to Santander, appearing in 23 matches in 2006–07 as the Cantabria team finished tenth. In the following campaign he signed permanently with Córdoba for two years, with the Andalusians eventually barely maintaining their division two status.
In the 2009 off-season, after helping Córdoba finish mid-table, 31-year-old Álvarez returned to his country and a former club, signing with Arsenal Sarandí. Two years later, he joined San Martín de San Juan.