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Reverse Mortgages Explained

Marsha Said:

Explain about reverse mortgaging implemented by NHB?

We Answered:

Reverse mortgaging means like when you mortgage a property for raising loan , you repay that loan in instalments (EMIs),here it is just reverse i.e. you mortgage your property with NHB , they will pay you some amounts in instalments for livelihood.This scheme is brought for elderly people who are not taken care of by anybody & are not having any source of regular income after retirement , they will get regular income by reverse mortgage till they survive & then the bank will recover those amounts from the value of the property,so one is not asked to vacate the house till he is alive but he gets the regular flow of income . this is what i under stood from NHB's reverse mortgage scheme.

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