In the past, many different media reports have indicated that the reverse mortgage loan is growing in popularity in India. A new media report suggests the opposite. Which is actually the case?
Previous media reports indicate that the people living in India seek out the reverse mortgage for the same reasons that people in the U.S. want this type of loan. They seek financial security after retirement and want to remain in their homes despite a drop in income.
The new media report indicates that the things which hold some people back from getting a reverse mortgage in the U.S. are causing some people in India to have the same wariness. These factors include a desire to pass the house on to children in the future, a high interest rate on these loans and a general lack of awareness that the reverse mortgage is an option.
What is likely the case is that some parts of India are seeing widespread interest in the reverse mortgage loan due to increased education and awareness about loan options in those parts of the country. In other parts of India, the information may not be so widespread, as is the case in some areas of the United States.
Question of the Day: Are reverse mortgage loans rising in India?
