Prajna Capital - An Investment Guide

A reverse mortgage is a product that’s structured around the needs of senior citizens for regular income. What’s more, the legal heirs can repay the loan and retain the property. You may want to know what a reverse mortgage is and how it can help you remain independent. Here’re the major points. WHAT ARE THEY? Reverse mortgages are products that have been structured around the need of senior citizens for a regular income. Instead of approaching a bank for a loan, which you have to pay it back as installments, a reverse mortgage allows you to mortgage your house to a bank or a housing finance company, which pays you a regular amount at regular intervals. This amount can be used for fulfilling your needs excluding any speculative or trading activity. Some of the banks/housing finance companies which provide reverse mortgage services include LIC Housing Finance, Dewan Housing Finance, Punjab National Bank, State Bank of India and Axis Bank. ELIGIBILITY CRITERIA To avail of a reverse mo...