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Most of the Indian public is able to
build a house during their lifetime and for many, it is their biggest financial
asset. Many elders find themselves in a difficult financial situation despite
having valuable assets. Selling a home is not easy, and sometimes people are so
emotionally attached to their home that they are willing to compromise their
standard of living in old age but do not want to leave their homes.
What is a reverse mortgage loan? The
concept of a reverse mortgage was first introduced by the government in the
2007-08 Union Budget. Simply put, a reverse mortgage is the exact opposite of a
home loan. Unlike a regular residential loan (in which you buy a house by
taking a loan and pay the EMI for the entire duration of the loan before the
home is owned), in the case of a reverse mortgage, a senior citizen who owns a
house or property Huh. But because they lack a regular source of income, they
can pledge their assets to a reverse mortgage lending financial institution for a regular flow of funds like EMI. Keep in mind that the financial institution has
the right to sell the property after the death of a senior citizen opting for a
reverse mortgage, under this scheme any outstanding surplus money has to be
paid to the legal heirs of the elder.
Like any other loan, processing fee
and other charges apply while choosing this loan. There are many types of
reverse mortgages, including regular payers for a certain period of time, and
some that are linked to the death of the householder.
Therefore, in case of a regular
reverse mortgage of twenty years, it expires in twenty years, whether the owner
of the house survives or not and the property is automatically transferred to
the lender. The transfer of property to an annual paying reverse mortgage takes
place only after the demise of the homeowner.
A reverse mortgage is an ideal option
for senior citizens who need regular income to supplement their pension without
being dependent on others. This can be a good option for those who want to use
the financial value of the home in their lifetime. In spite of convenience, a reverse mortgage is not very popular and such lending institutions are few.
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