REVERSE MORTGAGE LOAN

sharvani vishwas jadhav (Querist) 18 November 2010 This query is : Resolved
UNDER RML,THE LOAN IS MEANT TO AID OLDAGE NEEDS OF SENIOR CITIZEN.IT IS NOT GIVEN ON THE BASIS OF INCOME PROOF.SO IF DUE HIS BAD ECONOMIC CONDITION HE IS NOT ABLE TO REPAY THE EXISTING LOAN AGAINST PROPERTY AND IT HAS BECOME AN NPA THEN DOES IT BECOME A BARRIER TO TAKE AN RML?

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s.subramanian (Expert) 18 November 2010
yes.

Kirti Kar Tripathi (Expert) 18 November 2010
yes.

Parthasarathi Loganathan (Expert) 18 November 2010
However some banks adjust the existing loan liability out of the proceeds of the Reverse mortgage loan. Please approach your bankers.

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