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 loan 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. 5 Crores.
Apply for Mortgage Loan with Bajaj Finserv by submitting only an online application form. Receive easy approval and enjoy quick disbursals.