Preferred Language

Preferred Language

How is Reverse Mortgage a Boon for Senior Citizens?

A reverse mortgage loan is a type of credit availed against a mortgage property specifically suited for senior citizens. The borrower is sanctioned a certain percentage of the property value as the loan which is disbursed to him/her periodically. Such a credit is tailor-made to provide the basic financial requirements of a pensioner or a retired individual.

With a reverse mortgage, the borrower can avail funds in the form of monthly payments to cover any emergency or periodic expense.

Reasons Why Reverse Mortgage is a Boon for Senior Citizens

  • A senior citizen who has availed a reverse mortgage loan can continue to live in the mortgaged house even after the loan tenure expires. A settlement only happens if the borrower passes away.
  • In case both the spouses are co-applicants, disbursals to one spouse will continue even after the other passes away.

With no immediate liability for repayment, a senior citizen can make the most of this reverse mortgage scheme as long as he/she lives.

Also Read: What are the Benefits of Reverse Mortgage

Simple Eligibility Criteria

  1. Age at least 60 years.
  2. The property to be mortgaged should not carry any liability or litigation issues.
  3. It should be the applicant’s permanent residence & at least 20 years old.

Apply for this loan and gift yourself and your spouse a secure post-retirement life.

Apart from senior citizens, other individuals may opt for Bajaj Finserv’s Mortgage Lan with easy eligibility and documentation requirements. Avail the funds at affordable and convenient Mortgage Loan interest rates.

Apply online and enjoy the fastest Mortgage Loan disbursal within 4 days of approval.

Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?