Comments on: What is a ‘Reverse Mortgage’ Scheme?

By: sumit

sumit — Sun, 25 Sep 2011 05:56:11 +0000

i m a student pursuing CA.i was searching about the tax implication of RMS; nd found ur post.

i like it very much.
u can send any useful information on my email id, if u like .

thanks a lot

By: Amandeep Singh

Amandeep Singh — Sat, 24 Sep 2011 12:36:03 +0000

Hi Anand Sir,

Thank you so much for such encouraging words

We will post about more information on such schemes which help our senior citizens. Please stay tuned

By: Amandeep Singh

Amandeep Singh — Sat, 24 Sep 2011 12:32:41 +0000

Hi,

Unfortunately, she is not eligible for the loan as she is not above 60 years of age which one of the eligibility criteria.

By: Amandeep Singh

Amandeep Singh — Sat, 24 Sep 2011 12:29:18 +0000

Hi Umesh,

Thanks for your question – below is the answer and analysis that we have for you:

- As you are in the 60-70 age group, you will get a loan of 60% of the property value.
- Taking 80 lac as market value of your property, you will get a loan of 48 lac over a period of 15 years.
- Based on this, you will get around Rs. 26,000 per month.
- If both of you survive beyond this period, you can continue to stay in your house and bank will stop the monthly payment and take over the house only once there are no survivors or if you move permanently out of the property.

Please get back to us in case of any further questions.

By: Anand Bhagwat

Anand Bhagwat — Wed, 03 Aug 2011 14:00:20 +0000

Dear Mr Amandeep Singh,

Thank you so much for all the information. I am a senior citizen and this info has given a new dimension to my future plans.

I shall be grateful if more such schemes available to senior citizens are explained.

Good job, keep it up.

Anand Bhagwat

By: umesh jain

umesh jain — Fri, 01 Jul 2011 10:53:32 +0000

sir i am 65 year old man and my house is in my wifes name who is 60 years old. i am at present staying at andheri west and have 1bhk flat in mhada colony. i want to apply for reverse mortguage.approximate market value of the flat is abt 80 lakhs. how much amount i can get permonth under this scheme. if both of us survive beyonde 15years from now on what will be the situation

By: Amarjit Singh

Amarjit Singh — Mon, 27 Jun 2011 05:43:59 +0000

Thanks for your attention.All these people writing to you for help,being elderly are not able to run around.Our banks are so hard to deal with,for a small work which they can very easilydo,they call u repeatedly just for the heck. Suggest u make a union of like minded persons to help them or make an NGO. aLTHOUGH i am 75 yrs old i offer my services for enrolement.Incidentaly iapplied for RMS to central bank 4 months back and they have been unable to decide the branch which will deal my case,that inspite the fact they have aAGMs office in the city whom i have met many times.

By: Amandeep Singh

Amandeep Singh — Sun, 08 May 2011 18:24:24 +0000

Hi Amarjit Singh,

I am also from Ludhiana

It would be better if you check with the individual banks for all the terms and conditions. As far as I know, it should not matter Please let me know if you need any more details…

By: Amarjit Singh

Amarjit Singh — Sat, 07 May 2011 05:12:18 +0000

I belong to Ludhian and have a house in one of upcoming new colonies . This area falls outside the Muncipal area, Do I qualify for RML ?

By: Amandeep Singh

Amandeep Singh — Sun, 10 Apr 2011 22:41:39 +0000

Hi Gopal,

You will have to check with one of the banks I have mentioned above for the details. They will guide you through the process and the formalities…

By: gopalakrishnan

gopalakrishnan — Mon, 21 Mar 2011 08:06:32 +0000

This is a useful scheme.Iam interested in availing RML. kINDLY HELP.

By: gopalakrishnan

gopalakrishnan — Mon, 21 Mar 2011 08:03:01 +0000

Propose to avail myself of reverse mortgage loan in one lumpsum.Kindly guide.