I was thinking whether it is right or not in using the amount received from reverse mortgage for purchasing a new residential property. I am not very sure if this is possible within India. Even goggling about this didn’t help much. Kindly advice.
My thought on this was, if I get the amount to buy a new property, I can avoid going in for a home loan and avoid paying EMI’s at a very early stage. Whereas by acquiring for reverse mortgage, I can pay off the whole property deal and pay back the mortgage loan amount in EMI’s after a period of 10-15 years.