no doubt article gives lot of information but i want to ask certain things which knowledge person can reply me. i am 62 years old and i have a property having market value of 25 lakhs and i want to go for reverse mortgage,and i want to get rs 15000 per month for my expenses for 10 years.is it possible?if not then what amount can i get under this scheme.please reply.
RE:reverse mortage.
by mukesh on May 31, 2007 07:39 PM Permalink
I think you can get 15L (60% of 25L) loan in reverse mortgage on your property. If you divide this for 10 years it comes to 12000 per month.
RE:RE:reverse mortage.
by arun adalja on Jun 02, 2007 03:03 PM Permalink
thanks for the information but i want to know from bank who stated giving reverse mortage loan.if you know any bank please let me know.
I think that the reverse mortgage will work out as under:
In case of normal mortgage the EMI is determined at the time of taking the loan which again will depend on the tenure of the loan and the rate of interest.
In the case of reverse mortgage it is similar. The market value of the property will be determined. 60 percentage of the said market value will be the maximum funding and the amount of income for the borrower would depend on the rate of interest. Thus instead oof paying the EMI the borrower would get the monthly payment from the Bank/HFC which he can take on monthly or on quarterly or yearly basis.
It is really a good social security measure and should be introduced earnestly immediately.
i know of one family who took on mortgage and one year later reversed transaction for around rs2,40,000 because unable to pay housing loan. That is also one form of reverse mortage.
If any out side person/institution brings attachment 0n the property reverse mortigaged at a later date after any bank/HFC financed under above scheme for the past liabilities of the borrower,what will be the legal status.please explain in detail.
