Real estate investments are known for their il liquid nature- one of their biggest drawbacks. So, while owning a house is a basic need, this basic need takes up a huge chunk of one’s lifetime savings. Consider a scenario where during your retirement years, your house is your only big asset- built during your working years by saving regularly, taking a loan, cutting costs and later repaying it in instalments. Now, you do not have a regular income, and the constantly rising cost of living is making it difficult to survive on the meager pension. So, it there a way your biggest asset- your house can be of help?
Yes. There is. Thanks to the concept of reverse mortgage.