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Reverse Mortgage

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Reverse Mortgage: What is it?

A reverse mortgage (or lifetime mortgage) is an advance accessible to senior subjects. Reverse mortgage, as its name proposes, is precisely inverse of a run of the mill mortgage, for example, a home credit.

How can it work?

In a run of the mill mortgage, you get cash in single amount comfortable starting and afterward pay it back over a timeframe utilizing Equated Monthly Installments (EMIs).
In reverse mortgage, you vow a property you officially own (with no current advance extraordinary against it). The bank, thus, gives you a progression of money streams for an altered residency. These can be considered as reverse EMIs.
The particular arrangement National Housing Board (the facilitator for lodging fund in India) is advancing is one in which, the residency is 15 years and the proprietor of the house and his/her life partner keep on living in the house till their passing - which can happen later than the residency of the reverse mortgage.
Basically, any senior native, picking reverse mortgage will get annuity (the reverse EMI) from the bank for a long time. After that, the annuity installments stop. Be that as it may, they can keep on living in the house.

Location: Canada

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