Posted on: 25th Mar, 2010 02:52 am
I have a house worth one crorer and as per my age of 67 years, 60% of the value of the property can be loaned, meaning thereby about 60 lakhs. How yearly this amount will increase on reverse mortgage- a table as per the reverse mortgage system the amount will grow annually or otherwise. Revaluation of property will increase sanction of loan amount as per revaluation of the property - procedure in this respect. In case one develops his own source from other earning or capital/ equity develped, on payment of due amount calculated as per terms will release the property and papers will be handed over to the borrower or owner of building or heirs. Please provided a calculated chart for 15 years or 20 years and further if convenient. Thanks
I would sugget you to contact your reverse mortgage lender and he would help you in getting a calculated chart for 15 -20 years.