Posted on: 10th Nov, 2010 07:38 am
i am 62 years of age.i am a single person.i do not have legal heir.recently i sold my site. i want to buy a house or a flat for50lacs.now if i want to reverse mortgage that property ,how will i do it ? what will be the monthly loan i will be getting?after 15 tears if i am still alive what will happen to me?if the bank stops paying the monthly loan for my maintenance.won't i be shattered with no income to live and also no home to live?
Hi xandhya,
You can take out a reverse mortgage in order to buy your primary residence. You should contact the local lenders and apply for a reverse mortgage to buy a new home. You will be able to get the mortgage proceeds as long as you're alive. After your death, the lender will sell off the property in order to recover the dues. If you're alive and living in the property, then the lender won't come after you for collecting the dues.
Thanks
You can take out a reverse mortgage in order to buy your primary residence. You should contact the local lenders and apply for a reverse mortgage to buy a new home. You will be able to get the mortgage proceeds as long as you're alive. After your death, the lender will sell off the property in order to recover the dues. If you're alive and living in the property, then the lender won't come after you for collecting the dues.
Thanks
>> if i want to reverse mortgage that property ,how will i do it?
You'll use the purchase program for Reverse Mortgages.
>>what will be the monthly loan i will be getting?
At 62, approximately 50% If the house you're buying costs $100,000.00, you'll be able to buy it for $50,000.00, and not have a monthly mortgage payment.
>>after 15 tears if i am still alive what will happen to me?
You'll continue to live.
>>if the bank stops paying the monthly loan for my maintenance.won't i be shattered with no income to live and also no home to live
You're not going to receive a monthly check, because you'll be buying the house with a Reverse Mortgage.
You'll use the purchase program for Reverse Mortgages.
>>what will be the monthly loan i will be getting?
At 62, approximately 50% If the house you're buying costs $100,000.00, you'll be able to buy it for $50,000.00, and not have a monthly mortgage payment.
>>after 15 tears if i am still alive what will happen to me?
You'll continue to live.
>>if the bank stops paying the monthly loan for my maintenance.won't i be shattered with no income to live and also no home to live
You're not going to receive a monthly check, because you'll be buying the house with a Reverse Mortgage.
