What are the Benefits of Reverse Mortgage?
Reverse mortgage ensures financial well-being in old age and provides monetary independence to senior citizens. It does not create immediate financial liability on the borrower as he/she does not need to repay the loan amount in EMIs. Avail a reverse mortgage by mortgaging your residential property and enjoy the financial stability that comes along. Simultaneously, continue to own and live in the mortgaged property.
A Reverse Mortgage Scheme Comes with Following Advantages –
- Improvement In Immediate Finances
With no monthly mortgage payments to make, the funding you receive is yours to spend. It substantially improves accessibility and disposability of instant finance.
- Flexibility Of Use
Availing a loan through reverse mortgage provides flexibility to use the funds for any purpose you need.
Alternatively, Bajaj Finserv’s Mortgage Loan is another unique financing option that comes with unlimited end-use. Apply online and go through the mortgage loan process to get approval within the next 48 hours.
- Low To No Defaulting Risk
A mortgaged house owner remains in possession of the house unless he/she permanently leaves it. It does not attract any risk of non-payment until you keep paying the taxes and insurance.
Also Read: How does a Mortgage Loan Work
- Repayment Benefit
During repayment, a borrower needs to repay only the mortgaged property’s market value irrespective of the loan amount sanctioned.
- Minimum Requirements
Meet some basic requirements including a minimum of 60 years of age and a residence with at least 20 years of permanent ownership.
Bajaj Finserv alternatively brings easy-to-avail Mortgage Loans with just as simple Mortgage Loan requirements, no or minimal charges for pre-payment or foreclosure, competitive Mortgage Loan rates and loan amounts of up to Rs. 3.5 Crore.
Apply for Mortgage Loan with Bajaj Finserv by submitting only an online application form. Receive easy approval and enjoy quick disbursals.