What is a ‘Reverse Mortgage’ Scheme?

What is Reverse Mortgage Scheme; Lifetime Mortgage

What is Reverse Mortgage? A reverse mortgage (or lifetime mortgage) is a loan available to senior citizens. The finance minister of India  introduced this scheme in 2007 which is already well known concept in the West. “Reverse mortgage”, as its name suggests, in simple words is just the  opposite of a normal housing loan.  Image Credit : <Link> How does Reverse Mortgage Work? In this scheme,  once you pledge your house for the ‘reverse mortgage’, the bank will arrive at the value of the house […]

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Should I prepay my loan or Invest the money?

Should i prepay my loan or reinvest that money

Remember the time when you took a Personal loan to fund a requirement for your parents? Or, you had to take a loan for purchasing a vehicle or the loan was for your marriage or any other reason. The occasion goes through pretty well and now comes the first EMI and you wake up by the SMS on your mobile that Rs.7000 has been debited from your account on account of the Loan Payment amount. Now you realize that EMI is not actually Easy 🙂 […]

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