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.
Why avail a reverse mortgage?
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 a loan.
Save on Your Taxes: The amount received is in the form of a loan, making it free from taxes.