What is the maximum payment tenure that a lending institution offers under reverse mortgage?
Most reverse mortgage loan products available have a maximum tenure of 15 years, with a minimum tenure of 10 years. However, RML products of central Bank of India and Bank of Baroda can be extended further, to the advance value of the property. In case of Central Bank of India, the loan can be further extended by another five years. Punjab National Bank is the only institution that offers RML for 20 years.
Related Questions
- Can I prepay the amount that the lending institution disburses under reverse mortgage? Is there a pre-payment penalty?
- How does the lending institution arrive at the amount that would be disbursed under the reverse mortgage product?
- What are the payment options that lending institutions provide under reverse mortgage?
