Results for #mortgage


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Answered on November 08, 2017
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  • The scheme of reverse mortgage has been introduced recently for the benefit of senior citizens owning a house but having inadequate income to meet their needs. Some important features of reverse mortgage are:A homeowner who is above 60 years of age is eligible for reverse mortgage loan. It allows him to turn the equity in his home into one lump sum or periodic payments mutually agreed by the bo...
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    Answered on November 08, 2017
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  • A housing loan is a classic example of the case, where physical possession has not been handed over, yet a bank mortgage is created on the property

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    Answered on November 08, 2017
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  • Once you vacate the premises permanently, or in the event of your death, the lending institution will give the first option to the legal heirs of the property to settle the loan. If they are unable to settle the loan, the lending institution will sell the property and, from its proceeds take its share-principal, i.e., the total amount disbursed as loan and the interest on it-and give the balanc...
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