Mortgage/Reverse Mortgage

[sun]

Hi,

My mother-in-law has property near Bommanahalli, hence in a need of lump sum amount she would like to go for mortgage or reverse mortgage. Could anyone please share more information if its a good idea to do a reverse mortgage? Once its reverse mortgaged with a bank property is lost for ever?

please do share some thoughts!

Thank you!

[m3_07]

irrespective of the technical terms, if you seek loan against the propoerty, the property serves as a collateral for the bank. this is quite common & no bank will give you a penny without a collateral.

[sun]

Thats is correct m3..but in some banks they have a rule that if a property is mortgaged, that is is gone meaning bank will pYay borrower monthly or yearly a fixed amount till they are alive, after which prop becomes asset of the bank. It will not be returnes to legal heirs. I understood this from a national bank.

[sun]

Sorry for typos..using mobile to type