Deals of Loan Now Offers Reverse Mortgage Loan for Senior Citizens of India

Online, February 25, 2014 (Newswire.com) - Deals of Loan, the most prominent name in the industry of Loan Providers in India, has come up with an idea that very few banks have implemented till now - The Reverse Mortgage Loan. The loan proposal only requires the proper authentication and ownership of the Property documents.

The loan scheme is specially designed for the sake of Senior citizens of India, who cannot afford take a loan and pay it off back because of retirement and no salary. In this loan scheme, Mortgage loan is provided on the current market value of the property; no income proof needs to be shown to the loan providers and no EMI has to be paid by senior citizens.

The best part of this loan is, the reverse loan provider bank or company, cannot take possession of the land or home which is kept for mortgage, until the couple or the person taking loan is alive. After that, if the property value exceeds the loan value, remaining amount is returned to the family members or guarantor.

Deals of Loan offers this special scheme of reverse mortgage loan, keeping in mind the senior citizens who lives alone, or with spouse and do not have any source of income, yet they don't want to sell their property. They may need loan for any medical treatments, or any personal use and expenses.

Reverse Mortgage Loan is offered by Deals of Loan on monthly and yearly basis, which means the loan can be availed in form of salary from loan providers, and it has a fixed limit based on monthly and yearly basis.