Can I get reverse mortgage loan for repayment of my existing housing loan & my son`s business loan as I am guaranteer for my Son`s business loan. Kindly give your reply as early as possible.
If I got it right, In normal situation 'A' used to bequests the house-1 to his son 'B' who in any case would have gone for another house-2 while he earns, and a third party 'C' builds another house-3. So 3 houses are built owned by 2 people after A dies. With the reverse mortgage scenario 'A' will reverse mortgage House-1 to 'C', enjoy his residual life span, 'B' will build/buy one house-2. So 2 properties in name of 2 people. In a way Cap exp convtd. to consumption exp.
i would like to know whether reverse mortgage has been introduced in india now in this year's budget or it was introduced before also. i think so in the 2005 budget according to one of the article searched in google. the reason behind this is i m some wat confused about its introduction period in india and i am working on an assignment, as i am a student in griffith university, brisbane, australia and this forms a part of my research. so if u can please help me with this one. thanks. bye.
