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Get to Know About Benefits of Reverse Mortgage in Advance

Reverse mortgage offers a means for retired individuals to secure financial assistance to maintain their lifestyle. This mortgage scheme offers several benefits; letu2019s take a look at some of those and analyse in the light if it is prudent to choose the advance for regular income or not. Reverse Mortgage provides the benefits of no resource advance, no end user restriction, tax exemption, flexible credit, quick approval. Read more at https://www.bajajfinserv.in/what-is-reverse-mortgage

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Get to Know About Benefits of Reverse Mortgage in Advance

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  1. Reverse Mortgage Loan Beneficial For Senior Citizens

  2. What is Reverse Mortgage? A reverse mortgage loan falls under the loan against property scheme which is specially designed for the senior citizens and retired individuals residing in India. Pensioners who do not have a regular source of income can apply for this mortgage financing to borrow funds for creating a source of income. There are several reasons why senior citizens should choose a reverse mortgage to create a source of income after their retirement. Let’s take a look.

  3. Benefits of a Reverse Mortgage Loan • Use Your Funds with Flexibility • Valuation of Your Property • Claim Tax Exemptions • Avail Better Payment Options • Better Interest Rates • Avail Loan as Joint Applicants • Low to Zero Risks

  4. Eligibility Criteria for a Reverse Mortgage? • This loan is specially designed for senior citizens and retired individuals, thus the borrowers’ age must be at least 60 years. • Applicants must be an Indian citizen. • The property to be mortgaged should be the applicant’s permanent residence. • The property being mortgaged must be at least 20 years old. • The house should be free from any legal obstructions in the

  5. Pros Of Reverse Mortgage Schemes • Immediate Financial Assistance: Senior citizens might require immediate financial assistance after their retirement to maintain their lifestyle & living habits. • No-Risk Of Defaulting: Reverse mortgage loan in India has no risk of default. Even in the case of a borrower’s demise, the mortgaged property can be used for repayment. • Minimal Requirements: Generally, mortgage loans have numerous requirements including CIBIL scores, different documents, etc.

  6. Reverse Mortgage Scheme Advantages Reverse mortgage benefits & ensures financial well-being in old age and provides monetary independence to senior citizens. • Improvement In Immediate Finances • Flexibility Of Use • Low To No Defaulting Risk • Repayment Benefit • Minimum Requirements

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