LIC Housing to offer reverse mortgage loans

Mumbai: LIC Housing Finance Ltd (LICHFL) will now offer rearward mortgage loans for senior citizens above 60 years. The loan will be given on single or on joint footing with the spouse, if the partner is over 60 years.

According to a fourth estate release, the contrary mortgage loan will be offered at a fixed involvement charge per unit topic to reset every 5 years. Under the scheme, senior citizens can help the loan either on a monthly payment or a hunk sum of money payment or a combination of both. The place evaluated for the loan should have got at least 20 old age of residuary life.

The upper limit loan balance will be restricted to 90 per cent of the value of the place and the loan balance will include involvement till maturity.