Reverse Mortgage Loans The EMIs are all yours, if you are a senior citizen
For a senior citizen staying on their own in a house/flat and without a regular income or financial support from family members, the reverse mortgage loan may be a useful banking product. What it does is enable the individual to avail of periodical payments from a lender against the mortgage of their house while remaining the owner and occupying the house. This takes care of not just household and other daily expenses but also rising medical costs. A number of public-sector banks in India are sanctioning such loans. And while it is an ideal option for senior citizens who need regular income, it is yet to really take off here (unlike in the case of Western countries, particularly the United State). The following report is an attempt to gather the nitty-gritty of this loan-cum-annuity product and get a proper lowdown on it for those who are looking for information or may have been wary of it up until now.