NEWS & ADVICE : HOME LOANS
Senior citizens can enjoy reverse mortgage benefits
By Joseph Samson
Oct 23, 2013
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Festival Bonanza for the people looking for reverse mortgage loan.The administration has made the comeback from selling their house to gain a month to month salary more attractive. Notwithstanding, the annuity wage from a reverse mortgage, will come to be assessment free. The legislature has likewise scrapped the confinement of a 20-year annuity installment and said it might be appropriate provided that the possessor lives.

Some senior residents have profited from the plan, which was started in 2009, the move was to provide some kind of support during their old age. Under the reverse mortgage, a 60 years old senior citizen taps the worth of his private house, while appreciating the security of utilizing the same as his home. This is applicable until his or her spouse survives or until the mortgage. The value for the reverse mortgage is Rs.100 for Rs.1 lakh every month. There is no benchmark so far settled forever long annuity.


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