Reverse Mortgage Loan – Where would you get Money from after Retirement
Reverse Mortgage Loan Explained – This video explains the benefits of availing Reverse Mortgage
Reverse Mortgage – Reverse mortgage is the opposite of a home loan. In a home loan you borrow money from the bank, to buy your home. You repay the home loan in installments called EMI’s (Equated monthly installments), within a fixed time (tenure of the home loan).
In a reverse mortgage, you pledge your home with the bank. In exchange, the bank gives you money as a lump sum or in monthly, quarterly or annual installments. This is just like drawing a monthly salary. You need to be a senior citizen (above 60 years), to avail reverse mortgage. The title of your home needs to be clear and marketable. Your home must be free from mortgages. You have to live in the house, which you have pledged with the bank. The tenure of the reverse mortgage could be 10 years to as high as 20 years. You can pledge your home and get 60% to 90% of its value, in reverse mortgage. You do not have to pay any tax on the money you receive from the bank, through reverse mortgage. Your property must have a residual life of at least 20 years. Here’s the good part… You and spouse can continue to reside at the home you have pledged, as long as you and spouse are alive. It gets even better…You do not have to repay the amount you have borrowed from the bank. After you and spouse, your legal heirs (children) pay back the borrowed amount to the bank, with interest.
To know more about Reverse Mortgage in detail – Watch the Video
Why Indians Should Consider Reverse Mortgage Seriously –
What is Reverse Mortgage –
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Image Courtesy: The Telegraph
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