The reverse mortgage is the process where you get a loan against the value of your home. Here, you mortgage your home to the bank and receive money in monthly installments within a fixed time period.
Custom arrangement for senior citizens: Homeowners above 60 can take advantage of the equity value of their residential house to avail of funds through a reverse mortgage.
A source of additional income: Senior citizens can create a comfortable income as 60-90% of the property’s value is sanctioned as loan.
Save on your taxes: The amount is received in the form of a loan and thus it is free from taxes.
Type of resident: Indian
Minimum age: 60 years for single borrowers & 58 years for joint borrowers
Loan tenure: 10-15 years
Loan amount: Minimum 3 lakhs & Maximum Rs. 1 crore
Property papers: Proof of property ownership and residence, like title deed, property tax receipts, utility bills, etc.
Account statement: Bank account statement of the previous 6 months.
Income proof: salary slip of last 3 months or IT returns of previous 3 years and Form 16, if applicable.
Identity proof: Voter ID, PAN, Aadhaar, passport, employee ID card, etc.
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