Home
With advanced medical facilities and increased comforts of life, the overall life expectancy of the average Indian has gone up considerably these past few decades. This probably explains to some extent the application for reverse mortgage has mainly come from people in the age bracket of 70 years and above. This is primarily due to the fact that, unlike those in the age group of 60 years, people at 70 and above age are not involved in any kind of part time activities so are practically devoid of any kind of fixed income. The profile of the loan applicants reveal they belong to the upper middle or higher class.
Reverse mortgage provides an avenue for Senior citizens to extract value out of their property without selling it off. This scheme is one where a senior citizen can mortgage his or her property and receive either a lump sum or regular installments from the lending company. This can be either for a fixed period or until the lifetime of the senior citizen.
After the fixed period or the demise of the senior citizen, the bank recovers its loan, by selling the property. The heirs have the option to reimburse the lending company and retain the house if they so desire.
This method of serving the elderly meet their living or other extempore expenses is very popular in the US and UK. People of Kerala whether residents or NRIs can learn from the experiences of the elderly in these western countries. Wise investment in Real estate Cochin or other prime cities of Kerala will ensure you have a safe nest to fall back in a time of need.
Reverse mortgage provides an avenue for Senior citizens to extract value out of their property without selling it off. This scheme is one where a senior citizen can mortgage his or her property and receive either a lump sum or regular installments from the lending company. This can be either for a fixed period or until the lifetime of the senior citizen.
After the fixed period or the demise of the senior citizen, the bank recovers its loan, by selling the property. The heirs have the option to reimburse the lending company and retain the house if they so desire.
This method of serving the elderly meet their living or other extempore expenses is very popular in the US and UK. People of Kerala whether residents or NRIs can learn from the experiences of the elderly in these western countries. Wise investment in Real estate Cochin or other prime cities of Kerala will ensure you have a safe nest to fall back in a time of need.
