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"Reverse Mortgage".

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Could you explain merits & de-merits of the above for taking loan against property.

Is it adviceable to take loan for running the daily expenses more lavishly for better living i.e. buying a car & hiring the driver to run the same? Of coursce the expenses for running the car & maintainence are also to be taken care of from the above loan.

Do you advice taking loan for such purpose, where the study income is almost zero & the value of the property is approx. 1.5 crs.

The property in question is given on rent & the owner dosen't live in the same (living in a HUF property).

The age of the owner is 64 yrs.
asked Mar 2, 2011 in Loans by smgupta1947 (13,570 points)   8 27 45
edited Mar 2, 2011 by smgupta1947
    

 
 

 

1 Answer

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Human being can never be satisfied with money, even if have crores of rupees. If you've sufficient savings and cash to meet your daily needs, don't even think of reverse mortgage. This option should be used ONLY when all other options are closed and at old age, one does not have regular source of income from any source or savings. Remember, your children needs to pay back the whole money with interest to bank otherwise they will lose one of your valuable asset forever. Keep something for them also. You never know what's in destiny.

Hope it will help you.
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answered Mar 4, 2011 by admin (47,740 points)   5 7 13

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