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Should I opt for reverse mortgage or loan against property? - Property Hotline
Posted
January 20, 2017
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60
January 20, 2017
60
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4:52Now PlayingExpert: P V Subramanyam, www.subramoney.com
Question: At the age of 56, what would you advice is better, reverse mortgage or loan against property?
Answer: The eligibility for reverse mortgage being 62 years, you aren’t eligible for it. Right now, you can’t take a reverse mortgage so you have to opt for loan against property. In case if you have got a house worth a crore or around and you want to take a 3 to 4 lakh loan, it doesn’t really make sense to take loan against property. If that’s the only asset you have then I would suggest you to go for it. If you are planning to take reverse mortgage, you will have to wait for another 6 years, which, I opine is good because the longer you wait the better rates you will get.
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