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Can senior citizens avail reverse mortgage loan?- Property Hotline
Posted
September 30, 2016
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337
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September 30, 2016
337
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5:07
7:20
4:49Now PlayingExpert: Kartik Jhaveri, Founder and Director of Transcend Consulting (India) Private Limited.
Question: I am 54 years old. I work as a VP in a corporate company. I own a home in Bengaluru. Should I go for a reverse mortgage loan or a loan against property? I need around Rs 60 lakhs for my child’s education abroad.
Answer: Reverse mortgage loan is available for senior citizens. You need to be over 60 years to avail reverse mortgage loan. It is basically used by individuals for retirement planning. Loan against property would be a good option for you. For this banks mostly cap the age limit of 60-65 years. The loan-to-value ratio ranges between 55%-65%. To fund for your child’s education loan against property would the appropriate option.
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