Reverse Mortgage is a financial scheme for senior citizens above 60 years who own a house can mortgage it for a source of regular income.
The purpose of Reverse Mortgage is to provide regular periodical based income without selling the house. It is a loan against your house and do not have to payback as long as you live.
Such income is TAX FREE. Individual opting for such must own self-acquired or self-occupied residential property in India.
The objective is to secure rest of the life of senior citizen by providing fixed income monthly where the financial support is weak and health issue expenses are more. You may find many banks providing this scheme.
The following links are few bank schedules providing Reverse Mortgage Scheme:
Union Bank of India: http://www.unionbankofindia.co.in/personal_retail_reverse_mortage.aspx
Bank of Baroda: http://www.bankofbaroda.co.in/pfs/bobashray.asp
Punjab National Bank: https://www.pnbindia.in/en/ui/ReverseMortgageScheme.aspx
State Bank of Mysore: http://www.statebankofmysore.co.in/advances/personal-banking-/reverse-mortgage-scheme-.html
The purpose of Reverse Mortgage is to provide regular periodical based income without selling the house. It is a loan against your house and do not have to payback as long as you live.
Such income is TAX FREE. Individual opting for such must own self-acquired or self-occupied residential property in India.
The objective is to secure rest of the life of senior citizen by providing fixed income monthly where the financial support is weak and health issue expenses are more. You may find many banks providing this scheme.
The following links are few bank schedules providing Reverse Mortgage Scheme:
Union Bank of India: http://www.unionbankofindia.co.in/personal_retail_reverse_mortage.aspx
Bank of Baroda: http://www.bankofbaroda.co.in/pfs/bobashray.asp
Punjab National Bank: https://www.pnbindia.in/en/ui/ReverseMortgageScheme.aspx
State Bank of Mysore: http://www.statebankofmysore.co.in/advances/personal-banking-/reverse-mortgage-scheme-.html
We have this in writing in an email from her. Apparantly she had no authority or way of making good on her guarantee, and was just speculating that rates would continue to drop. http://mortgageloancenter.org
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