Why avail Reverse Mortgage?
Added: (Thu Mar 04 2021)
Pressbox (Press Release) -
Reverse Mortgage
A reverse mortgage is similar to a home loan but works in the exactly opposite direction. You avail a home loan from a bank to buy a house. You repay the home loan (Principal + Interest), in installments called EMI’s (Equated monthly installments), within a fixed time period (tenure of the home loan). In a reverse mortgage you borrow against the value of your home. You mortgage your house to the bank (pledge your home) and the bank makes payments to you as a lump sum, or in periodic installments (say once a month). You and your spouse continue to live in the house and on the death of the last survivor (you and your spouse), the loan (reverse mortgage) needs to be paid back to the bank with interest.