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my reverse mortgage lon appn rejected as i rented out aportion in my self occupied home.Is it okey
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I applied a reverse mortgage loan and that was rejected since i let out a portion for rent in my self occupied home.This information was not available in the guide lines. Pl clarify my question
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Home Loans
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Asked by T.K.Satagopan -
1 month ago
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Best Answer:
Yes you are not eligible for reverse mortgage loan as you have rented portion of your self- occupied home. SBI clearly mentions in its guidelines If the borrower(s) effect changes in the residential property that affect the security of the loan for the lender the loan shall be liable for foreclosure. For example: renting out part or all of the house by creating a tenancy right; adding a new owner to the house's title; changing the house's zoning classification; or creating further encumbrance on the property either by way of taking out new debt against the residential property or alienating the interest by way of a gift or will.
http://www.statebankofindia.com/user.htm
1 month ago - By Kartik
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