Reverse Mortgage value Bankers will consider?
I purchased a flat in 2005 for Rs. 20 lakhs and now in 2008 the market value for the same is almost doubled in our area.
What value will the Bankers take for consideration-will it be purchase value or market value?
In the US a year after purchase the purchase price makes no difference anymore. They would only consider the current market value (for good or bad).
I don’t imagine your country would be much different.
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