Reverse Mortgage: The bank is giving a pension in the name of the house, you will not have to vacate the house, find out what the scheme is

What is the reverse mortgage? After retirement, we all dream of a financially prosperous future. However, many times due to a lack of proper financial planning, most of us are unable to accumulate a substantial amount of funds at retirement. There is no source of income at this age stage. In such a situation, the person is forced to be financially dependent on her child or other family members. Many times such a situation is created for the elderly that there is no one to care for them and there is no source of income left. Under such difficult circumstances, it becomes very difficult for the elderly to live. In this episode, today we will tell you about a wonderful scheme. The name of this scheme is Reverse Mortgage Loan. Under this scheme, an older person can make their home a source of income. The special thing about this scheme is that in it the elderly will not even have to vacate their home.

What is the reverse mortgage?

The reverse mortgage is the opposite of the home loan. On the one hand, when you take out a home loan, you have to pay monthly installments to the bank. On the other hand, under the reverse mortgage loan, you must mortgage your house with the bank.

After this, a fixed amount is received each month. The received payment is also called reverse EMI. The special thing about the reverse mortgage is that after mortgaging the house with the bank, the person does not even need to vacate the house and go somewhere else.

However, this facility can only be used by people over the age of 60. Reverse mortgage loan liability arises only when the person wants to sell the house on it.

There is no income tax or capital gains tax on the amount received in the reverse mortgage. If you also want to win without depending on anyone else. In such a situation, this option may prove to be a good option for you.