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INGREDIENTS
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reverse mortgage loan in india and how does it work
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reverse mortgage in india is slowly but surely becoming an acceptable means
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what is a reverse mortgage in simple terms
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reserve bank of india is conservative while setting the norms
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the owner who mortgages such property should be at least years of age and the spouse who becomes a co borrower in this case must be above 58 years
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the house must be self acquired and self oc ied by the borrower at the time of the mortgage
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the borrower must be the clear owner of the property and the house must be free from all encumbrances
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the bank must evaluate and determine that the expected life of the house at the time of mortgage is a minimum of years
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how reverse mortgage in india is settled
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like any other mortgage the reverse mortgage settlement in india is also guided by laid down stipulations by the rbi
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the borrower does not stay in the house f than a year
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if the borrower is renting out the house
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source: sallysbakingaddiction.com
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how does reverse mortgage work - rbi rules
yearly mode but the maximum payment cannot exceed rs. 50
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the total period of payment by the bank taking the mortgage shall not exceed years. but some banks are actually giving
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banks need to reassess the prevailing value of the property every years to find out the financial viability of the mortgage
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floating interest rate as
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reverse mortgage eligibility criteria
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how do you qualify
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can you pay off a reverse mortgage early
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this kind of loan also be foreclosed provided the following conditions are met
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borrower defaults on tax payments
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the borrower declares bankruptcy and abandons the place
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reverse mortgage loan example