What are the pre-requisite for taking Reverse Mortgage?

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The reverse mortgage loan is available to any person who is owner of a residential house property and has completed 60 years of age. In case of a couple wishing to avail this scheme, one of the spouses should have completed 60 years of age and the other should be over 55 years of age, though it is not necessary that only a couple can avail this loan.

 

Even a person who is single and a senior citizen, can avail loan under reverse mortgage scheme but the property should be owned by him/ her. In case of couple the property can be owned jointly but in case of single the property should be in the name of the applicant.

 

You need to mortgage your residential property which is being used by you as your own residence. So the property should be used by the person who is taking this loan as his primary residence.

 

Moreover the property should be self-acquired, implying you cannot get a loan on inherited property or any property received by you as gift. The loan can only be obtained on residential property situated anywhere in India whether in rural or urban area.

 

Therefore under this scheme you cannot mortgage any other property like commercial property or other residential property which is let out though owned by you. Even in case of a property on which any loan has been taken cannot be used for taking this reverse mortgage until and unless entire loan has been repaid.

 

For availing the reverse mortgage loan you have to submit some basic documents like your permanent account number (PAN), list of legal heirs and copy of the registered will. Moreover you need to provide the details like cost and area of the property to be mortgaged.

 

It is pertinent to note that making and registering of your will is a prerequisite for availing the reverse mortgage. You are required to intimate the lender as and when there is any change in the will.

The reverse mortgage can be availed from any scheduled bank, housing finance company registered with National Housing Bank and the National Housing Bank itself.

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