If there is no support in old age then the Reverse Mortgage Scheme will be useful, knowing how to get its benefit.

If you do not have any source of income in old age, nor do you have any help, but you have a house of your own, then the bank can fulfill your need of money. The Reverse Mortgage Scheme is very useful in this case. Most people are not aware of this.

There are many people who do not have any source of income in old age, children are also not very capable financially. Due to lack of income, it becomes difficult for such people to fulfill all the needs of their life. But if you have your own house then the bank can fulfill this need of yours. Reverse Mortgage Scheme is run in the bank for such senior citizens. Through this scheme, senior citizens can arrange regular income very easily. Know what this scheme is.

Know about the reverse mortgage scheme

According to HDFC Bank, the reverse mortgage scheme is the exact opposite of a normal loan. When you buy a property, you take a loan from the bank and pay EMI every month. Whereas in the reverse mortgage scheme, senior citizens mortgage their property to a financial institution and in return that financial institution pays them a regular amount. After the death of the person, that property becomes the property of the bank and the bank then has the right to sell that property. In this process, the remaining amount is returned to the legal heirs of that person. This scheme is for those senior citizens who already own a house or property, but they do not have any source of regular income.

What is the benefit of the scheme

If someone does not have any source of income to meet their needs after retirement, there is no helper in the family, then they can fulfill their needs with the help of this scheme. Senior citizens who take advantage of this scheme neither have to leave their house and move to a rented house nor do they have to repay this loan during their lifetime. After death, the property becomes the property of the bank, but if the family of that person wants, they can buy the house by paying the price of the house to the bank.

What are the terms and conditions

Those Indians who are 60 years of age can take advantage of this scheme. The first condition to take advantage of the scheme is that the applicant should have his own house or property. If the husband and wife want to take advantage of the scheme together, then the age of the wife should be at least 58 years. Under the scheme, the bank gives a fixed amount to the applicant every month for 10 to 15 years. Most of the elderly in India are not aware of this scheme, due to which very few people apply for it. How much money will be received every month on mortgaging the house depends on the market value of the applicant's property. The interest rates in this scheme vary from bank to bank. This interest rate also keeps changing from time to time.