Deepak Thukral
Manager Accounts
Swagata
Student
Indhu
Junior Office Secretary
Parthiv20
M.b.a Fin Student
Sureshb85
Student
AMANDEEP_11
Finance- Mba

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Can u please give some details about Reverse Mortgage?..........
From India , Madras
reverse merger is nothing but the parent company will merge with subsidiary company.it generally used for tax benifit or 2 meet BIFR norms.
e.g abcl(amithabh bachchan corp ltd acquire one small audio mfg company 2 meet bifr norms and became sick unit that is the case of reverse merger or icici and icici bank is the best example)


reverse merger is nothing but the parent company will merge with subsidiary company.it generally used for tax benifit or 2 meet BIFR norms.
e.g abcl(amithabh bachchan corp ltd acquire one small audio mfg company 2 meet bifr norms and became sick unit that is the case of reverse merger or icici and icici bank is the best example)


Hai Indhu,
You have posted the query regarding the Reverse Mortgage. I would like to share some of the Information which i know about that topic.
Reverse Mortgage is one, where the ownership of the security or the asset will be with the Banker and the People can enjoy the rights at their old age. For example, people who ever crossed the age of 60 or who reached their retirement age and dont have any sources of income and stands as completely independent can transfer the rights of the House to the Bank and they can stay in that house until their death. Inturn, bank will give them fixed amount every month for their expense until their death. Suppose, if one of the Spouse dies, the other will be taken care by the Banks by giving them certain sum of money for their livelihood. Once both of them dies, the asset will be taken by the banks and will be auctioned.
I hope i made u clear about the concept.

From India , Bangalore
Hai Swagata, Did u understood whatever i have explained under the topic of Reverse Mortgage.
From India , Bangalore
HI SURESH....
that was a good explaination u have given...
thank u so much.... can u please tell me , which are the banks giving this type of service and why such concept is not popular in india...
can we discuss more on this topic if u have any data with u ...
thanks and regards
Amandeep Singh


hi .
i really understood wat reverse mortgage is all about. can u do cite certain examples of banks which prctice this in india. is it in practice in india as western nations.
thanks,
regards,
swagata

From India , Mumbai
hi....... still this is not introduced in our country.......... i think, it’s in practice only in usa country......... :) indu
From India , Madras
IN OLD AGE, THE REGULAR INCOME COMES TO AN END AND ONE TENDS TO DEPEND UPON OTHERS FOR HIS DAY TO DAY NEEDS INCLUDING HEALTH CARE. THE HEALTH CARE EXPENSES ALSO SHOW AN UPWARD TREND AND LACK OF SUFFICIENT SOCIAL SECURITY MEASURES, IT BECOMES DIFFUCLUT FOR SENIOR CITIZENS TO LIVE A SMOOTH LIFE. SOME TIMES THE RESIDENTIAL PROPERTY CONSTITUTES MAJOR PORTION OF THEIR TOTAL ASSETS. WITH A VIEW TO MITIGATE THEIR PROBLEMS THE CONCEPT OF REVERSE MORTGAGE CAME INTO BEING. IN A REGULAR MORTGAGE, THE PROPERTY IS MORTGAGED TO THE FINANCIAL INSTITUTION GRANTING THE LOANS. THE LOAN IS REPAID IN INSTATLMENTS ALONG WITH INTERST AND THE LIEN OF THE FINANCIAL INSTITUION COMES TO AN END. BUT IN THE REVERSE MORTGAGE, THE LOAN IS GRANTED TO THE PERSON USUALLY THE SENIOR CITIZEN AGINST MORTGAGE OF HIS PROPERTY. THE DISBURSEMENT MAY BE MADE AS PER AGREED ARRANGEMENT. THE AMOUNT OF LOAN ALONG WITH INTEREST IS DEBITED TO HIS ACCOUNT.

THE PERSON AVAILING THE LOAN AS A MATTER OF RIGHT CAN CONTINUE TO LIVE IN THE HOUSE. BUT ON HIS DEATH THE BANKER TAKES THE POSSESSION OF THE HOUSE AND RECOVERS ITS DUES. THE BALANCE IF ANY WILL BE AVAILABLE FOR HIS LEGAL HEIRS. IT IS PERTINENT TO UNDERSTAND THAT IF THE LEGAL HEIRS REPAYS THE LOAN AMOUNT ALONG WITH INTEREST TO THE BANKER, THE MORTGAGE STANDS REDEEMED AND LEGAL HEIRS CAN BECOME ENTITLED TO IT.

THE ADVANTAGE OF REVERSE MORTGAGE OVER THE REGULAR MORTGAGE IS THAT THEIR IS NO POSSIBILITY OF DEFAULT.

DEEPAK THUKRAL

CHANDIGARH

From India , Chandigarh
DEAR INDU, I MAY ENLIGHTEN YOU THA PNB HAS COME UP WITH A REVERSE MORTGAGE SCHEME FOR SENIOR CITIZENS. FURTHER, DEEWAN HOUSING AND FINANCE HAS ALSO OFFERED HOUSES UNDER REVERSE MORTGAGE TO SENIOR CITIZENS. REVERSE MORTGAGE IS DESTINED TO BECOME POPULAR IN DAYS TO COME DUE TO LACK OF SOCIAL SECURITY NET WORK DUE TO THE FACT THE PERSON TAKING THE LOAN IN THE FORM OF ANNUITES RETAINS THE RIGHT TO LIVE IN THE HOUSE TILL HIS DEATH. THE BANKER CAN ONLY RECOVER THE MONEY THROUGH SALE OR OTHERWISE AFTER HIS DEATH.
DEEPAK THUKRAL
CHANDIGARH

From India , Chandigarh
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