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What is reverse mortgage loan? - Property Hotline
Posted
October 14, 2016
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October 14, 2016
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5:42Now PlayingExpert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: What is reverse mortgage loan? How does it work out?
Answer: Reverse mortgage is meant for senior citizens (60 years and above) staying in their own homes that are free from any debt. They can use the value of the property to obtain a loan amount in installments that can be repaid after the death of the borrower and spouse. The heirs can repay the loan with interest and take charge of the house or the bank will sell off the property and collect the loan amount with interest. Surplus if any will be given to the heirs. If there is a deficit then it cannot be collected from the heirs. Off course, the bank lends very conservatively for a mortgage loan so the chance of a deficit is rather low.
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