latest reverse mortgage products in India

srilakaki · Joined: 29 Mar 2008 Posts: 1 1.33 Dollars($)

Interested to know about the latest in reverse mortgage products from banks/financial instituttons in India.
Pl provide links if you have.
Thanks in advance
Sridhar

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi srilakaki,

Welcome to the forum.

Reverse mortgage provides easy cash flow and that is why it is a good choice for the senior citizens in United states, Canada and even in India.

To know about "How Reverse Mortgage works in India" check out this article at http://www.mortgagefit.com/india/reverse.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

Thanks for immediate response with useful info. We are given to understand that the loan amount is likely to be revised shortly to 60 % of the property value. I would like to know if we can draw the loan in lumpsum. Pl update me with developments.
Thanks once again

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Sridhar,

Welcome to the forum.

You have rightly understand that the loan amount can be 60 percent of the property value. You may also have the loan in lump sum though most of the people like to get the money on a monthly basis.

Best of luck,
Larry

Guest 0.10 Dollars($)

I have some liability on the house. Am i eligible for reverse mortgage

Niicss · Posted: Thu May 29, 2008 4:34 am Post subject:

Welcome Harini.

You can get reverse mortgage even if there is mortgage on the property. But you should have sufficient equity on the property to get the reverse mortgage. By the way when have you bought the property? How much equity do you have on it?

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