Hey,
Before you avail a loan or mortgage you need to consider factors that impact your finances. These include the interest rate, your fixed income, extra expenses, pending bills, etc. I will share with you what is current interest rate on reverse mortgage. It will help you make an informed decision.
What is the current interest rate on reverse mortgage?I read the news and found that the interest rate for larger reverse mortgages ranges from 5.49% to 6.50%. They are also known as reverse mortgages. Experts predict the interest rate range to be from 4.81% to 5.18% this year. Whereas the interest rate on proprietary reverse mortgages will range from 4.90% to 6%.
I know someone who availed of SBI Reverse Mortgage Loan, the interest rate on reverse mortgage in India for them ranged from 8.05% p.a. to 9.05% p.a.
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Charges :They have added charges like lender fees, insurance charges, and closing costs. Extra charges mean the borrower will have more money to pay back.
I have told you what is interest rate on a reverse mortgage. Now I will tell you another con for the same.
Ongoing costs :
This loan type incurs an ongoing cost on the borrower’s account each month. You will have to pay the monthly interest amount and cost amount along with the loan EMI.
Eligibility :Any Indian resident can avail of the loan as long they are a minimum of 60 years old. The minimum loan amount given is Rs.3 lakh and the maximum loan amount is Rs.1 crore.
This loan can be availed alone or with a joint borrower. Salaried and self-employed people can apply for the loan.
This is all from my end on what is current interest rate on reverse mortgage.
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Authors Of The Question
What is current interest rate on reverse mortgage ?
Ridhima
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2 Year
2022-06-14T14:58:37+00:00 2022-06-14T18:02:26+00:00Comment
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