All About Reverse Mortgage

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Is Reverse Mortgage Loan the Right Choice for
Senior Citizens?

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What is Reverse Mortgage
A reserve mortgage loan refers to a debt
instrument that helps senior citizens avail
alternative funding by mortgaging their
residential property. Here, borrowers can opt to
receive periodic payments like monthly,
quarterly, and annually or in a lump sum.

Additionally, a reverse mortgage advance,
although not requiring repayment does not need
individuals to give up their ownership and they
can continue to reside in the property for their
lifetime.
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Benefits of Reverse Mortgages

• An alternative source of funding
• No end-use restriction
• Efficient utilization of the property
• Tax-free earnings
• No foreclosure charges

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Nonetheless, if senior citizens opt for a reverse
mortgage advance, they can foreclose the account
by repaying the loan outstanding without any
additional cost.
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Moreover, when opting for such advances,
applicants should consider lenders that bring
pre-approved offers for simplified loan
processing in minimum time. Individuals can avail
of these offers on several financial products
like home loans and loans against property. Check
your pre-approved offer only with your essential
contact details.

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A mortgage loan is one of the most preferred
monetary agencies to finance big-ticket expenses.
In such, it is a secured funding avenue that
individuals can acquire by tapping into the
equity of their owned properties.

Factors affecting interest rates for a mortgage
loan
Age of Applicant
Occupation of Applicant
Property Type
Credit Score
Loan Amount.
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• Reverse mortgage offers a means for retired
  individuals to secure financial assistance to
  maintain their lifestyle. This mortgage scheme
  offers several benefits lets take a look at
  some of those and analyse in the light if it is
  prudent to choose the advance for regular income
  or not.
• Reverse Mortgage provides the benefits of no
  resource advance, no end user restriction, tax
  exemption, flexible credit, quick approval.

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