In this segment of the latest episode of The Property Show, we take a look at reverse mortgage and how senior citizens who own a property but do not have a regular source of income can use this facility to their benefit. Anil Rego, CEO and founder, Right Horizons, explains that reverse mortgage allows the owner of the property to pledge the asset with a bank, and the bank in return pays out monthly annuity to the owner. Any house owner above 60 is eligible for this facility.
Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.
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