MUMBAI, Maharashtra (The Economic Times), August 22, 2008:
By Ramesh Kumar, Times News Network
A reverse mortgage is a loan that enables senior home owners aged above 60 years to convert part of their home equity in to income with out having to sell their home, give up their title to it or make monthly mortgage payments. The National Housing Bank, a subsidiary of the RBI, and a facilitator for home home finance in India has set some guidelines.
The prospective borrowers should be senior citizen of India above 60 years of age. Married couples can opt for financial assistance as joint borrowers. In such a case the age criteria for the couple will be at the discretion of the lender with at least one of them being above 60 years. Normally loan is offered for a period of 15 years.
Copyright © 2008 Bennett Coleman & Co. Ltd.
August 22, 2008
INDIA: Reverse mortgage scheme ideal for senior citizens
MUMBAI, Maharashtra (The Economic Times), August 22, 2008:
By Ramesh Kumar, Times News Network
A reverse mortgage is a loan that enables senior home owners aged above 60 years to convert part of their home equity in to income with out having to sell their home, give up their title to it or make monthly mortgage payments. The National Housing Bank, a subsidiary of the RBI, and a facilitator for home home finance in India has set some guidelines.
The prospective borrowers should be senior citizen of India above 60 years of age. Married couples can opt for financial assistance as joint borrowers. In such a case the age criteria for the couple will be at the discretion of the lender with at least one of them being above 60 years. Normally loan is offered for a period of 15 years.
Copyright © 2008 Bennett Coleman & Co. Ltd.
