REVERSE MORTGAGE LOAN

sharvani vishwas jadhav (Querist) 17 November 2010 This query is : Resolved
WE HAVE HOUSE PROPERTY AGAINST WHICH WE WANT TO TAKE AN REVERSE MORTGAGE LOAN.
WE HAVE AN QUERY THAT -
IF A PROPERTY IS ALREADY MORTGAGED WITH BANK CAN THE SAME BE MORTGAGED FOR RML ?

ALSO WHEN THE VALUE OF PROPERTY IS RS.30.00 LAKHS AND LOAN AMOUNT TAKEN AGAINST IT IS RS.1.50 LAKHS,DOES IT AFFECT RML TO BE TAKEN BY A SENIOR CITIZEN FOR HIS GENUINE NEEDS?

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Parthasarathi Loganathan (Expert) 17 November 2010
Only few banks have introduced this scheme as the finer aspects are being studied since the aftermath of the downfall of major financial institutions in the world. Yes, loan availed against the collateral security of the property will be adjusted first out the quantified eligibility fixed under RML.