Some Banks are offering Reverse Mortgage Scheme for senior citizens who are in need of Huge Amount for their Medical Expenses and also need REGULAR MONTHLY INCOME.
Senior Citizens can mortgage their House property for getting Regular Monthly Installment for their livelihood .Senior Citizens are not to REPAY the loan during their life time and Legal Heirs can repay the loan to inherit the property. In such a way Senior Citizens will neither loose t...heir shelter nor they have to be dependent for their daily needs. Loan can also be repaid out of sale proceeds of property after the death of both (Husband and wife) as Regular Monthly Installment will continue to be payable to spouse after the death of the life partner. Surplus of Sale Proceeds is payable to legal heirs. One such schem after the name of FILM BAGHBAN is offered by PNB as PNB BAGHBAN SCHEME. For more details visit http://www.pnbindia.in/en/ui/ReverseMortgageScheme.aspx
We have summed up the Government Guidelines about Reverse Mortgage Schemes by various banks as updated up to June, 2015.
Please give your feedback as comments/like.
We have summed up the Government Guidelines about Reverse Mortgage Schemes by various banks as updated up to June, 2015.
Please give your feedback as comments/like.
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