Reverse mortgage is a loan given to senior citizens of 62 by converting the equity in a house property into an income stream or monthly income .this loan is a tax free loan and the scheme involves the borrowers (senior citizens) pledging their house property to any reverse mortgage lender in return for a lump sum or periodic payments spread over the borrower’s lifetime.
The home owner is not obliged to repay the loan during his lifetime. In this type of mortgage when owner is dead or leaves the house then on his death or leaving the house permanently, the loan is repaid along with accumulated interest, through sale of the house property. Any excess amount will be remitted to the borrower or his/her heirs. The lump sum or periodic payments can be utilized by the borrower as per his needs but not for speculative purposes. Reverse mortgage as it is shown by name” reverse” gives you the payment on your mortgage because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the borrower. Unlike a regular mortgage, the borrower can continue to stay in his mortgaged home during his entire life span without any fear of eviction even after the tenure expires. So, the reverse mortgage is the most and reliable options for the seniors so that they can take complete peace and for that they should have to take the reverse mortgage information and then apply for that loan because it’s a complete package for the seniors.
The home owner is not obliged to repay the loan during his lifetime. In this type of mortgage when owner is dead or leaves the house then on his death or leaving the house permanently, the loan is repaid along with accumulated interest, through sale of the house property. Any excess amount will be remitted to the borrower or his/her heirs. The lump sum or periodic payments can be utilized by the borrower as per his needs but not for speculative purposes. Reverse mortgage as it is shown by name” reverse” gives you the payment on your mortgage because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to the borrower. Unlike a regular mortgage, the borrower can continue to stay in his mortgaged home during his entire life span without any fear of eviction even after the tenure expires. So, the reverse mortgage is the most and reliable options for the seniors so that they can take complete peace and for that they should have to take the reverse mortgage information and then apply for that loan because it’s a complete package for the seniors.
No comments:
Post a Comment