Need info on reverse mortgage scheme

Q: I hear that the reverse mortgage scheme has been extended till life of borrower, is it true?

Shivshankar, Delhi-NCR

20th October 2013

Real estate News in Delhi

delhi

real estate news

reverse mortgage scheme

life insurance corporation of india

Follow Discussion

Also see discussions for

Delhi Real estate News Real estate News in Delhi

Replies (5)

In case of the death of the borrower or if the borrower permanently leaves the property under mortgage, the loan is recovered along with interest by selling the house or property. There is also an option were the heir can repay the loan to get the property released.

Himangi deshmukh, Delhi-NCR

20th October 2013

Comment

So what if the borrower dies before repaying, what happens then?

Suhail, Delhi-NCR

20th October 2013

Comment

This scheme can be availed from the National Housing Board or from finance companies and banks registered with the board. Life Insurance Corporation of India and the other insurer companies registered with the Insurance Regulatory and Development Authority are the annuity sourcing institutions.

Shailja, Delhi-NCR

20th October 2013

Comment

Where can one avail this scheme?

Shivshankar, Delhi-NCR

20th October 2013

Comment

Hi Shivshankar, yes you heard it rite, the centre has decided to extend the tenure to life for borrowers under the reverse mortgage scheme with an aim to make this facility more appealing for senior citizens. Initially the scheme had tenure of 20 years for borrowing funds from a bank by pledging residential property. According to this scheme amended under the Reverse Mortgage Scheme, 2008, a person who is of age above 60 years can avail periodical payments of the availed loan against mortgage of a residential property while as owner and occupying the property.

Arpit, Delhi-NCR

20th October 2013

Comment