Budget Homes

Reverse Mortgage Loan is a good financial security for Indian Senior citizens.

In India there is no social security cover to senior citizens like in western countries. Senior Citizens has to depend on their grown up children or savings. Those who are dwelling in private companies do not have pension like Government employees.

Senior citizen will loose all their money for their children's education, marriages, and etc. They are almost empty.

There is no guarantee to them as their grown up children will look after them. Financially, personally, relationship wise there may be many obstacles to sons or daughters to look after their parents.

In those case, if the senior citizens possess any realty assets - house, they can use it as their financial protection for their rest of the life.

By reverse mortgage loans, they do not need to pay the repayment till they alive or till living the house. When they vacate their house or vacate this world, the bank will realise the loan amount with interest by selling the mortgaged house.

The loan amount will be released in part payments. It is like, you take care of my needs against my house equity in advance. Senior citizens can enjoy the financial security as well as living in their own home, till they are alive.

Instead of handing over the house to their children, hand it over to bank or the creditor as a financial security till their last breath.

It is also a challenge to their children, since the house is under reverse mortgage. They do not care about their parents, but they like the assets owned by their parents.

If Sons and Daughters does not take care of their parents, they have to repay the loan amount to possess their parents' property.

Please check out with your bank for reverse mortgage loans. All the banks in India are not issuing reverse mortgage loan. Only few banks are issuing reverse mortgage loan. Check it out.