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Reverse Mortgage Loan

Reverse mortgage is a financial product that enables senior citizens (60 +) who own a house to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house.

Instead of you making monthly payments to a lender, as with a regular loan, the lender makes payments to you. Multiple options are available for repayment of the loan in lumpsum at the end of the loan term. Maximum period of loan is of twenty years. The loan is not required to be serviced as long as the borrower is alive and in occupation of the property. On the borrower’s death, the loan is repaid through sale of property.

 
Qualifications for reverse mortgage eligibility:
 
Should be a Senior Citizen of India above 60 Years of age.
Married Couples will be eligible as joint borrowers provided one of them being above 60 years of age and other not below 55 years of age.
 
Benefits of a reverse mortgage:
 

It aims at partially meeting the financial needs of senior citizens without selling the property and enables recurring funds inflows to the senior citizens during their life time.

After the death of the senior citizen, the surviving spouse can continue to occupy the property till his/her demise

 
© 2003 National Housing Bank