CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions
Our Services
Get 9,000 Interview Questions & Answers in an eBook.




Get it now !!
Send your Resume to 6000 Companies
Reverse Mortgage Loan Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM LOAN INTERVIEW QUESTIONS REVERSE MORTGAGE LOAN INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Reverse Mortgage Loan Interview Questions & Answers - Learning Mode

A reverse mortgage or home equity conversion mortgage (HECM) is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner's insurance. The loan can be provided through monthly/quarterly/half-yearly/annual disbursements or a lump-sum or as a committed line of credit or as a combination of the three. The maximum period of the loan is 20 years. (The maximum period over which the payments can be made to the reverse mortgage borrower). In simple terms, a reverse mortgage is the "opposite" of a conventional home loan. A reverse mortgage enables a senior citizen to receive a regular stream of income from a lender (a bank or a financial institution) against the mortgage of his home.

Try Reverse Mortgage Loan Interview Questions & Answers - Exam Mode

1

Sort By : Latest First | Oldest First | By Rating

Reverse Mortgage Loan Interview Questions & Answers - Learning Mode
Try Reverse Mortgage Loan Interview Questions & Answers - Exam Mode
Question: If a couple opts for a reserve mortgage loan can one spouse continue living in the house after one expires?

Answer: A borrower can continue to live in the home till his lifetime and continue receiving a periodic monthly payment. So in case of a co-borrower or a couple seeking a reverse mortgage loan, the spouse can continue living in the home if the other expires during the tenure of the loan. Also the money you may receive is free from any tax liability. Source: CoolInterview.com
Question: Who are all eligible for a reverse mortgage loan? What are the tax obligations if I opt for such a loan?

Answer: Reverse mortgage loan is permissible to only those individuals who are owners of a self-acquired and self-occupied residential property. Banks allow reverse mortgage loan to house owners above the age of 60 years. In case of a co-applicant the younger borrower cannot be less than 55. The borrowers must be residing in the property which is being mortgaged. Since the money received through a reverse mortgage loan is considered to be a loan and not any income, the money is free from any tax liabili Source: CoolInterview.com
Question: If I take a reverse mortgage loan, will I have to pay tax on the money?

Answer: Banks allow reverse mortgage loan to house owners above the age of 60 years. Hence reverse mortgage loan allows elderly citizen a chance to get a monthly income by mortgaging their house or residential property. Since the money received through a reverse mortgage loan is considered to be a loan and not any income, the money is free from any tax liability making it an attractive option for the elderly. Source: CoolInterview.com

1



India News Network
Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
Cache = 0.140625 Seconds