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Reverse Mortgage Plans
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Reverse Mortgage Plans were introduced in India in around 2007.
According to this plan, people aged 60 years and above can mortgage their self-occupied residential property for a loan that is paid as a lump sum or in installments.
In one way, a Reverse Mortgage plan is the mirror image of home loans. In a home loan, we take a loan and repay in installments. In Reverse mortgage, we take a loan in installments and repay in lump sum.
In case of married couple who wish to take this plan, it is sufficient if one of the couple is over 60 years of age.
The title on the property should be clear without any legal troubles and ownership issues.
The tenure for the loan will usually be at the discretion of the bank. The maximum tenure for the loan will be 20 years.
Types of Insurance