Reverse Mortgage Scheme

Senior citizen can use their homes to fund their retirement year’s needs through reverse mortgage scheme. When a person get into the stage of full nest his life becomes full of complexities and the resources and financial assistance also used to be fewer one and that makes patch up between income and expenses critical so what a elder citizen can do to fund his very survival in those years?

A person in the post retirement years looks for cosy home and a peaceful place where he can spend his sunset year quite beautifully, and with a well executed financial plan it’s not difficult to do so. Normally in sunset years of life a person gets towards number of alternatives to feed his financial needs but no one of them is logical to shape it in the desired manner.

So what you can do answer is reverse mortgage scheme a wonderful plan to let you have peace and prosperity in second innings of your life the scheme is so that a valuation of your house will be made subjected to application made and the age criteria and then there after the bank will do its mortgage valuation so to pay you the amount in return to your mortgaged house and the house should be permanently owned by you like your self equity and the bank will pay you the lump sum amount in whole or instalments. The amount can be used to full fill the personal and day to day needs and relevant expenses and you can not use this for other means like speculative purposes etc.

Further when the person who owns reverse mortgage scheme holder dies either the bank will sell the house to recover the amount given in return to mortgage or the other family members can pay the amount to bank to own the house further.

So as far as the post retirement needs are concerned or the any kind of financial assistance you wish to have it’s the best alternative a person can opt for.