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.
