In India, the elderlies live a quiet life without monetary concerns and they mostly depend on their children to pay for their financial needs. However, for elderlies living independently without an efficient retirement plan i.e sufficient financial support to get through their retirement comfortably, survival can be really tough. There is an infinite number of things to worry about that will incur as time goes by - critical medical emergencies and small health problems etc.
What can they do?
Elderlies, those living independently without a financial plan for retirement can use their assets such as their home they have been living in, a commercial plot, or any other asset as collateral to subscribe to reverse mortgage loan.
What is a Reverse Mortgage Loan?
A reverse mortgage loan is a popular type of loan against property facility appreciation in India despite being introduced almost a decade ago in 2007. It is one of the best retirement solutions for elderlies with a high number of assets but zero cash.
What can they do?
Elderlies, those living independently without a financial plan for retirement can use their assets such as their home they have been living in, a commercial plot, or any other asset as collateral to subscribe to reverse mortgage loan.
What is a Reverse Mortgage Loan?
A reverse mortgage loan is a popular type of loan against property facility appreciation in India despite being introduced almost a decade ago in 2007. It is one of the best retirement solutions for elderlies with a high number of assets but zero cash.
According to reverse mortgage loan, you mortgage your property with any given bank or NBFC offering the facility and receive regular payments from the lender. The Interest Rates for Loan Against Property or Mortgages Loan is quite low in respect to other loans with special discounts for elderly attached. The payments continue as long as the youngest borrower dies or moves out of the property. This is famous for two reasons:
> You get to live on your property till your death.
> You get monthly cash payments to maintain your living expense.
How can you make the most of Reverse Mortgage Loan?
Owing to the end-usage flexibility on the received amount, the borrower gets the flexibility to use it the way he/she wants to.
- Get Their Children Married.
- Renovate Their Home.
- Pay For Personal Expenses.
- Plan A Vacation Using The Money.
- Consolidate Their Existing Loan.
In the end, before applying for a reverse mortgage loan, please read the following to overcome your queries Direct Benefit for Senior Citizens on Loan Against Property through Reverse Mortgage
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