Reverse Mortgage-does it help the senior citizens to live with dignity or burden the inheritors?

The concept of reverse mortgage is popular in Mumbai and seniors do not have to ask their grown up independent children for pocket money every month,sell their homes and relocate to periphery of city in a smaller unit or lose the title of their home.The banks give a lump some amount for emergencies and some amount of money every month.The title is retained but papers are with the bank.After death the inheritors can pay to bank money used by their seniors during their lifetime along with interest and take back property papers. As property prices always go up,nobody is a loser.Right or Wrong? more  

Neelam Nath madam, its good option
Neelam nath madam,its good option. But be careful with docs. Read carefully that what clauses bank is incorporating in reverse mortgage deed n other docs. Consult local advocate with all the docs. more  
Thanks Chandhar Sir,hope many like me will find it useful. more  
Don't get panicked. If you avail RML there is no fear for your daughter to get back the original title deeds of your mortgaged property and the bank MUST handover the titles to the legal heirs of you provided she must pay the entire dues and you can till your death stay in your own house without any fear from bank and if your daughter (suppose) fails to close the RML, the bank is at liberty to sell the property and the surplus money after sales will be paid to your daughter without any hitch, because generally the land cost and the building will get appreciated to many fold. This is what I experienced with SBI Palani TN branch. But int. rate is 13.25% and you will get 1/3 of the engineer's valuation. more  
Mr. Chandhar Sir, please tell us of there is any wrong effects? I am thinking of doing so but my daughters are against it,why?Will she have difficulty to procure documents back from bank after me,after she pays for the amount I have used with interest? more  
Yes you are correct. I am one such example for this RML with SBI, Palani TN branch and I also closed the same within 4 years more  
Post a Comment

Related Posts

    • Registering a Business

      Hi, Am a working professional in a pvt ltd company. My query is while working in the company can i register a business in my name. Is there any act/law which prohibits. Thanks for your t...

      By Anonymous Circle member
    • Transfer of property by gift deed

      Can a mother, having five children, gift deed her property to a particular child without informing to the other children or getting consent of the other children?

      By Amitava Dutta
    • Judiciary must deliver fast & correct judgement

      As soon as a person is arrested on filing of FIR by police, & produced before Magistrates court dealing with Criminal case, the accused applies for bail & also obtains Stay before sessi...

      By Bahadur Sanjana
    • Legal advice to file a complaint

      Dear Members, I have to file a legal complaint against HDFC Bank at New Delhi for my pending refund of 60 thousand since Jan 2019. I have communicated enough on emails and on the phone however...

      By Sumit Bajaj
    • Settlement of claim

      Can any Circle member guide to get back the amount of one's father held up in a bank(SBI) after latters death without any nomination.

      By Koiredla Chandrarao
    • 4 crore personnel loan

      We have total 4 crore personnel loan out of 5 crore loan. One of my partner cheated us in Mining business. He mis utilized entire fund and project fake orders he created. We

      By Anonymous Circle member
    • Advocate help required

      Advocate help required for our odisha mining related fraud and document forgery from our partner. 1. Till now ~5cr amount transfered to his account for handling the project and office expe...

      By Anonymous Circle member
    • Adoption

      One of my friends wants to adopt a female baby ( a month old) . She is the daughter of his own brother and there is mutual consent. please let me know the procedures to be followed to make it legal...

      By N.Mohan Mohan
    • Pyramid Scheme from Osmose Technology Pvt Ltd

      I would like to know if it’s legal in India to run a Pyramid or Multi-level marketing scheme and if it’s safe for people to join as member. Particularly I would like to know...

      By Rajeev Rumale
    • Case against Medical Health insurance

      Want to file a case against Max Bupa Health Insurance company. Needs a competent professional, advocate or some Insurance law expert. Any one can advise ??

    • Maruti True Value - Total loss car sale

      I have bought other brand car (Honda Jazz) from Maruti True Value located @ Paruthipattu. They ensure the vehicle is not meet in accident and flood affected. While booking I agreed them to do name ...

      By Prabagaran Sekar
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)