1.Under reverse mortgage the owner of the house is allowed to live in the house and still earn monthly income by pledging the house in favour of housing finance company.This is best for those people who are owning a house but are not being supported by any of their near and dear ones and does not intend to sell the house in their life time and still want to earn some income.
2.Housing finance companies generally pay as per the age profile of the owner of the house which is as listed below:
3.Age bracket 60-70 will be eligible for 45% of value of property.
4.Age bracket 71-75 will be eligible for 50% of value of property.
5.Age bracket 76-80 will be eligible for 55% of value of property.
6.Age bracket over 80 will be eligible for 60% of value of property.
7.Borrower is not required to service the loan during his life time or make monthly payments.
8.On the death of borrower or leaving the house permanently the property is sold and loan is repaid along with accumulated interest and excess if any is paid to the heir of the owner of the house.
9.Alternatively the borrower or his heir can prepay the loan with interst and have the mortgage released without resorting to sale of the property.
Saturday 14 April, 2007
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This blog is a personal blog written and edited by me. For questions about this blog, please contact me.
This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation.
This blog abides by word of mouth marketing standards. We believe in honesty of relationship, opinion and identity. The compensation received may influence the advertising content, topics or posts made in this blog. The owner(s) of this blog is compensated to provide opinion on products, services, websites and various other topics. Even though the owner(s) of this blog receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. Every effort is made to make the sponsored post identifiable but at times due to advertisers restrictions the same may not be feasible all the time.The views and opinions expressed on this blog are purely the bloggers' own. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.
The owner(s) of this blog would like to disclose the following existing relationships. I have a interest in real estate field which may influence the style of writing.
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