Reverse mortgage is a loan which provides additional source of income for senior citizens who have a self-acquired or self-occupied home in India. The borrower is paid payments by the lender against the mortgage.
The documents required to avail a reverse mortgage are mentioned below.
|National Housing Bank (NHB)||Punjab National Bank (PNB)|
|Central Bank of India||Indian Bank|
|Andhra Bank||Dewan Housing Finance Limited (DHFL)|
|State Bank of India (SBI)||LlC Housing Finance|
|Corporation Bank||Canara Bank|
Senior citizens looking for a stable source of income can benefit from a reverse mortgage. Not only do they receive a steady source of income, but their heirs would profit from this transaction in almost all cases as the property value is bound to rise overtime and outweigh the loan amount.
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