Legal Question in Real Estate Law in India

Reverse Mortgage

I'm retired and have a property, can I avail reverse mortgage. If so, can I make a will during the subsistence of the reverse mortgage of the bank with whom I have availed a loan?. Please advice?. Also which are the banks which are providing reverse mortgage facility in India?


Asked on 1/21/09, 5:25 am

3 Answers from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

Re: Reverse Mortgage

1. You can, if eligible and bank is willing to give.

2. Will can be made. However, the legatee will get the property subject to mortgage.

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Answered on 1/21/09, 5:40 am
Vivek Mapara Vivek N. Mapara

Re: Reverse Mortgage

The concept of reverse mortgage is more into practice in UK and USA. In india reverse mortgage is not much popular. However, if any bank in India is giving such facility then you can avail the same.

You can also make will during the subsistency of such mortgage, however, it will not be fruitfull, because as per the conditions of reverse mortgage, after the death of borrower, the amount of principal and interest is realized from the home so reverse mortgaged.

Feel free to contact.

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Answered on 1/21/09, 7:05 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Reverse Mortgage

You may want to contact a "loan facilitator" and not a lawyer to provide your necessary guidance.

The lender may inform you of all the terms and conditions including your rights to make a Will.

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Answered on 1/21/09, 8:16 am


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