Why Reverse Mortgage Is Viewed With Skepticism In India?

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·         An emotional attachment of the senior citizen to his home which was once his dream house renders any attempt made to entice him to take up a reverse mortgage policy futile. Lack of understanding of the mechanism of reverse mortgage causes him to view these financial instruments with skepticism.

·         In India one follows a tradition passed down from generations where the son inherits the property of his parents. The parents view this as an honor to pass down the property to their children out of love and affection and also out of a desire to be called good parents. They would not want to pass on a loan along with the inheritance which would become a burden on their children. So reverse mortgage fail to attract much attention due to this aspect.

·         The reverse mortgage loans command a very high rate on interest and are viewed as a method of passing on debt to the next generation. In India especially among the senior citizens debt is viewed with great aversion and one is loathe to pass debt to the next generation.

·         Only a single mortgage is allowed on ones house. Any reckless spending will lead to a severe financial crisis and the loss of the house. Loss due to speculation or business is a strict no no for the elderly citizen.

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