In this type of mortgage, banks lend a portion of the house value by using the house of the borrower as the security. The good thing about reverse mortgage is that borrower doesn’t have to pay either the capital amount or the interest on this type of the mortgage till the time he lives in the property. This product can have significant influence on the finances and the quality of life of people after their retirement. The borrower can borrow money by utilizing the equity in the home as the provision of security.
Reverse mortgage enables you to fund all your plans after retirement
The loan has to be paid in full amount only when the home owner either sells the home or dies .The reverse mortgage plan is being specifically designed to help senior citizens to manage and fulfil all their financial requirements . The amount people can burrow depends upon the age and also the value of the property. It allows burrower to live in his home as long as he wants and he will also be benefitted from the potential increase in the value of his property with time
Tap in to the equity and complement your entire old age lifestyle
Since no income is actually required to qualify for reverse mortgage plan, this plan is extremely suitable for elderly and retired people. Although borrower is charged with interests
just like in any other type of loan, there is no need to make repayments. It is only the interest which is compounded and then it is added to the balance of the loan amount.
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Whether you are looking for funds to renovate your house or to diversify your investment portfolio, our reverse mortgage plans will help you to finance your retirement. So tap in the equity and complement your entire old age lifestyle requirements with best loan option which is just right for you.