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Reverse mortgage loans_ What you should know

Post-retirement life is meant to be stress-free. After long years of struggle and hard work, you must not have to worry about making ends meet or sourcing funds for your personal needs. You may have invested in fixed deposits, insurance schemes, or mutual funds, but would that be enough in the face of rising healthcare costs and inflation? If you have to think of an answer, then probably you should think of an alternative too. One of the options is reverse mortgage loans. It can help you sail through your post-retirement fund requirements with ease. Hereu2019s everything you need to know.

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Reverse mortgage loans_ What you should know

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  1. Reverse mortgage loans: What you should know

  2. Understanding reverse mortgage loans • You get regular monthly payments by mortgaging your property. • It offers a maximum LTV of 80%. • Available for a maximum tenure of 15 years.

  3. Understanding the working of reverse mortgage loans • Instead of making payments, you receive payments. • Interest is added to the loan balance. • You can repay your debt by selling your property.

  4. Reverse mortgage benefits • You can secure your retirement. • There are no tax implications on the pay-outs. • It provides legal heirs with several repayment options. • You can spend your entire life in a mortgaged home. • It offers usage flexibility and has a low default chance.

  5. Reverse mortgage disadvantages • Interest gets accumulated over time. • Foreclosure can cause you to lose your home. • Complex terms and conditions. • You need to reside in the mortgaged property.

  6. Reverse mortgage qualifying conditions • Available to senior citizens only.

  7. When to apply for a reverse mortgage? • When property appreciation chances are high. • Apply if you want to age in your home. • Apply if you do not have any source of income.

  8. If you are retired and wish to apply for a reverse mortgage loan, carefully consider the benefits and drawbacks.

  9. Thank You Would Love to hear from you. Hero Fincorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel : 18001024145 Email : customer.care@herofincorp.com Website : https://www.herofincorp.com/ Know More : Things You Should Know About Reverse Mortgage Loans

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