Reverse Mortgage Offers a means for Retired Individuals

12/11/2020 Financial & Legal Services

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Description

A reverse mortgage is a secured loan offered only to senior citizens. Similar to other mortgage loans, RML is sanctioned against an asset, which is the borrower’s house in this case. In a reverse mortgage, the lender uses the equity of your home as security to provide you with a tax-free loan. As it is used by older homeowners to receive income from the equity in their home to be repaid when they no longer occupy the home. Some of the reverse mortgage benefits include Borrowers don’t have to repay the loan, unlike conventional ones, The repayment is not due even after the tenor expires, Repayment of the loan is only due when the last surviving borrower passes away & loan amount can be used for any purpose without any restriction.

For more information about the reverse mortgage loan, you can visit Bajaj Finserv’s website.

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