Ambulance Services  -  Blood Supply and Donation  -  Flyers Carry Goods for Others  -  Funeral Service and Obituaries  -  Helplines for Counselling n Info  -  Instant Care for Accident Victim  -  LegalAid to People n Undertrial  -  Quit Smoking n Using Tobacco  -  Reminder Services  -  RTE Admissions Assistance  -  RTI Filing Assistance  -  Traffic Alerts by SMS  -  Write Will to Distribute Assets  -  Career in TV Film Media Music  -  Career with Merchant Navy   -  Embark on a Banking Career  -  Seek Work in Temp Staffing  -  Top Companies for BPO Jobs  -  Train to be Preschool Teacher  -  Work on a Cruise Ship   -  Affordable Healthcare for Needy  -  Donate Leftover Excess Food  -  Donate Used Books   -  Donate Used Clothes Things   -  Donate Used or New Bicycle   -  Donate Used Textbooks  -  Feeding Food to Poor n Needy  -  Free Hugs Campaign  -  Help for Poor Cancer Patients  -  Help Homeless and Destitute   -  Helping Trafficked Women Kids  -  Home Loans for Low Earners  -  Job for Disabled Handicapped  -  Locating Missing Kids Persons  -  Mentoring Educating Poor Kids  -  Palliative Hospice for Incurable  -  Support Groups for Patients  -  Approach Consumer Court  -  Approach Govt With Grievance  -  Beware of CellTower Radiation  -  Ensuring Voting by Voters  -  Online Petition Campaigns  -  Performance of Your MP MLA  -  Public Interest Litigation PIL  -  Solving Consumer Complaints  -  Tackle Bribe Taking Corruption  -  Buy Directly From Farmers  -  Dispose or Recycle Waste  -  Fighting Noise Pollution  -  Grow Veggies Herbs at Home  -  Incentive for Electric Car Bike  -  Innovations for Villagers n Poor  -  Live n Work in Green Buildings  -  Plant or Donate Tree Saplings  -  Rent Rooftop Get Solar Power  -  Used Goods Marketplaces  -  Parkour and Freerunning  -  Tabata High Intensity Workout  -  Tower Running  -  Walking for Fitness  -  Chef Cooks at Your Home   -  Eat at Home of Home Chefs  -  Eat from Food Trucks Vans  -  Meal by Chefs Home Delivered  -  Order Fresh Meat Fish Online  -  Organic Food a Healthy Choice  -  Ready to Cook Recipe Kits   -  Store for Healthy Food Snacks  -  Bungee Jumping  -  Helicopter Joyrides  -  Hot Air Ballooning  -  Kitesurfing  -  Obstacle Endurance Racing  -  Paragliding  -  Skydiving  -  Virtual Flying in Simulator  -  Hash House Harriers  -  Laughter Clubs  -  Meetup Groups  -  Neighbourhood Networks  -  Networks of Doctors   -  Professional Networks  -  Air Ambulance Services   -  Buy Medicines Online  -  Cardiac Stent Details and Cost  -  eCounselling by Psychiatrists  -  Emergency Medical Loan  -  Expert Cancer Opinion Online  -  Fight Cancer by Dendritic Cells  -  Go in for Cancer Screening   -  Holistic Wellness Yoga Retreat  -  Home Medicare and Nursing  -  Map Genes to Prevent Disease  -  Probiotic Yoghurt for Digestion  -  Undergo Dialysis at Home  -  Analyse n Improve Handwriting   -  Apps for Dating n Relationship  -  Build a Good Credit Score  -  Choose eFiling of Tax Returns  -  Create Your Free Website  -  Family Tree and Family History  -  Find Your Personality Type  -  Get Your Aadhaar Card  -  GiftRegistry for Wedding n Event  -  Hostel for Youth Ladies Tourist  -  Joining Happiness Movements  -  Stocks for Flat Fixed Brokerage  -  Your Photo on a Postal Stamp  -  Activity Box and DIY Kit for Kid  -  Child Day Care Centres  -  Curb Web n App Use by Child  -  Healthy Meal Tiffins for Kids  -  Improve Handwriting of Kids  -  Kids Play Game n Learn Typing  -  Network for Parents n Mothers  -  Store Cord Blood of Newborn  -  Tablet Computers for Kids  -  Take Toys on Rent  -  Discover Bonsai  -  Experiential Learning  -  Fruit and Vegetable Carving  -  Kalaripayattu Martial Art  -  Learn Indian n Foreign Language  -  Learn Music and Singing  -  Learn Origami  -  Learn Western n Indian Dance   -  Neuro Linguistic Programming  -  Study Calligraphy  -  Train in Floral Art   -  Artistic Portrait from Photo  -  Collecting Affordable Art  -  Comic Satire on Videos n Web  -  Discover Things to Do in City  -  Long Weekend Holidays 2017  -  Made to Order Bespoke Shoes  -  Rent Dress Bag Furniture Bike  -  Rent Games Gadgets for Party  -  Share Restaurant Table  -  Suit Bespoke Made to Measure  -  Supper Club and PopUp Event  -  Tickets for Events Movies Plays  -  Assistance for Seniors at Home  -  Day Care Centre for the Elderly  -  Home Healthcare for Elderly  -  Jobs for Seniors and Elderly  -  Livein Companions for Seniors  -  Retirement Homes for Seniors  -  Reverse Mortgage Loan  -  Seniors Learn Email Chat Web  -  Agro Services to Farmers  -  Beauty and Wellness Salons  -  Beauty Services at Your Home  -  Book Bus Tickets Online  -  Handyman Services at Home  -  Hire Maid Cook Driver etc  -  Hire Self Drive Rental Car  -  Marriage Matchmakers Brokers  -  Online Puja n Offline Pandit   -  Private Detective Agencies  -  Repair Automatic Swiss Watch  -  Repair of Luxury Shoes Bags  -  Stitching and Altering Clothes  -  Washing and Laundry Services  -  Wedding Marriage Planners   -  Buy Furniture n Decor Online  -  Buy Only Hallmarked Jewellery  -  Buy Refurbished Unboxed Item  -  Buy Sell Preowned Dress etc  -  Compare Prices Before Buying  -  Gifts Discounts on Loyalty Card  -  Handicrafts by Indian Craftsmen   -  Test Your Diamond Jewellery  -  Unique Offline n Online Market  -  Become a Mystery Shopper  -  Biz to Biz Marketplaces B2B  -  Build App for Event n Business  -  Coworking Space for Startups  -  Earn from Designs n Photos  -  Investors for Funding Startups   -  Loans for Small Business SME  -  Makerspaces to Build Products  -  Multi Level Marketing MLM  -  Participate in Crowd Funding  -  Peer to Peer Lending P2P  -  Tech for Retailers Kiranashops  -  Cycling Mobiking Tour Abroad  -  Drive Abroad with IndiaLicense  -  Dry Your Food to Take on Tour  -  Find a Travel Companion  -  Govt Resorts for Budget Stay  -  Short Time Microstay in Hotels  -  Tips and Advice by Travellers  -  Treetop Hideaways in India  -  Walking Tours in Indian Cities  -  Aiding Women Entrepreneurs  -  Independent Biz for Women  -  Second Careers for Women  -  Tools for Safety of Women  -  Wing Chun Martial Art for Lady  -  Women Learn Self Defence   -  Women Only Group Tours  -  Campus Hiring and Placement  -  Info on All Colleges in India  -  Jigyasa Science Quiz  -  Rent or Sell Used Textbooks  -  Scholarships Loans for Students  -  Study Abroad? Learn Cooking  -  University and School Rankings   -  

Reverse Mortgage Loan

Support yourself in old age by a reverse mortgage loan...

Any senior citizen of age 60 and above and owning a residential house or flat, can approach a Bank and earn a monthly income by going in for reverse mortgage of the house or flat.

Such a monthly income which will be paid as long as the elderly mortgagee lives, will come in handy to meet the living costs, healthcare costs etc. The house would continue to be used as residence till the lifetime of the house owner and his/her spouse.

Bank pays the reverse mortgage loan to the mortgagee partly in lump-sum and the balance in the form of annuity, which is a fixed amount paid monthly. After the mortgagee and spouse pass away, the heir can sell the property and repay the loan to the Bank or alternately, the Bank sells the property and after deducting the loan amount pays the balance amount to the heir.

How does reverse mortgage work?

First of all, contact one of the Banks listed in Resources below who then visit your house or flat to find out the market value of the property. The Bank may sanction upto 80% of the value of the apartment as a reverse mortgage loan.

Out of this loan amount, the senior citizen mortgagee can receive upfront lump-sum amount of 50% of loan amount or Rs 15 Lacs whichever is lower. Balance amount of  reverse mortgage loan will be invested by the Bank in annuity schemes. Annuity amount per month will be depend on the number of years for which the monthly income is required.

Reverse mortgage facility is offered by leading Banks in India and soon insurance companies are also likely to enter the fray. The best part is that Government of India has made the annuity income tax-free.

Resources