What is Reverse Mortgage?
House owners above 62 years can enter into an arrangement with the
companies providing home loans. Here, instead of paying monthly
installments to the company, you RECEIVE monthly installments from
them. The owner mortgages the housing property and upon the death of
both spouses the company will sell the property and recovers the loan.
The concept is at a nascent stage and currently only one company
(Dewan Housing?) is doing it.
Suitable to individuals and couples who want to continue to live in
their own house and earn a steady monthly income.
— Gananath
Bangalore