Posted on: 05th Jul, 2009 11:48 pm
our home at pune required reverse mortgages
Hi vidyadhargosavi,
I guess you're based at India. You should speak to the local lenders of your area and check out whether or not you would qualify for the reverse mortgage. To know about how reverse mortgage works in India, check out the following page:
http://www.mortgagefit.com/india/reverse.html
I guess you're based at India. You should speak to the local lenders of your area and check out whether or not you would qualify for the reverse mortgage. To know about how reverse mortgage works in India, check out the following page:
http://www.mortgagefit.com/india/reverse.html
Hi vidyadhar,
Welcome to our community.
As far as i know, Pune situated in India. If you are senior citizen & you have own home then you will be the eligible for loan. Following rules will apply for reverse mortgage in India.
You must have 60 year old or above age to apply for reverse mortgage. The National Housing Bank allows married people to go for reverse mortgage even if one of them is under 60. You must have own property where your residence. You must have single family home without any debt & clear title.The best thing about a reverse mortgage is that, there aren't any income or credit qualifications for qualifying for a reverse mortgage.
If your age is 60 or under 60 year old then you can borrow more that 30% of the total value of the property if you above 60 year old then lender will offer you loan up to 60% of property value. But your your borrowing amount is depended on Your property value, The period for receiving loan advances,The rate at which you may get the loan.
If you selling your home that time you have not need to pay off loan to lender. If you died property will be handed through lender who offered loan to you.
Other rules will be applicable by your location, you can contact to your local attorney to know more.
Thanks & Regards.
gunz.ijjistaff
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our community.
As far as i know, Pune situated in India. If you are senior citizen & you have own home then you will be the eligible for loan. Following rules will apply for reverse mortgage in India.
You must have 60 year old or above age to apply for reverse mortgage. The National Housing Bank allows married people to go for reverse mortgage even if one of them is under 60. You must have own property where your residence. You must have single family home without any debt & clear title.The best thing about a reverse mortgage is that, there aren't any income or credit qualifications for qualifying for a reverse mortgage.
If your age is 60 or under 60 year old then you can borrow more that 30% of the total value of the property if you above 60 year old then lender will offer you loan up to 60% of property value. But your your borrowing amount is depended on Your property value, The period for receiving loan advances,The rate at which you may get the loan.
If you selling your home that time you have not need to pay off loan to lender. If you died property will be handed through lender who offered loan to you.
Other rules will be applicable by your location, you can contact to your local attorney to know more.
Thanks & Regards.
gunz.ijjistaff
_______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Just check with local lender