Reverse Mortigage
This query is : Resolved
CA Ashritha PB
(Querist)
27 June 2009
What is meant by reverse mortigage
Ratan Sharma
(Expert)
27 June 2009
Hi,
There is a bank loan scheme of reverse mortgage. In this scheme any person more particularly senior citizens can avail the bank loan by mortgaging their property with bank. No repayment is required during life time. The legal heir can pay the outstanding loan and take possession of the property or otherwise the bank will sale the property and recover its dues. This is called as the reverse mortgage.
There is a bank loan scheme of reverse mortgage. In this scheme any person more particularly senior citizens can avail the bank loan by mortgaging their property with bank. No repayment is required during life time. The legal heir can pay the outstanding loan and take possession of the property or otherwise the bank will sale the property and recover its dues. This is called as the reverse mortgage.
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