373. Parents & Children should

think twice! before property

transfers

Comment A residence that one owns, offers a sense of security to most people, probably a lot more to senior citizens who have passed the stage of earning a livelihood. Children should not take away this sense of security from their aging parents. A persons assets pass on to their heirs following their demise automatically or by way of a will, however transferring ownership of the property seniors live in, is something that should be considered carefully. Property is probably the number one cause for family disputes in India. Quite often parents are coerced into transferring property to their children or relatives. Occasionally, elderly parents who have transferred their properties to their children, end up being neglected and thought of as a burden by their own family members. Seniors who own a house, are living on a small pension and unable to maintain their property, should be aware that they can now take advantage of the 'Reverse Mortgage' available in India. A reverse mortgage normally costs you nothing, you get a monthly amount of money paid to you in cash for the rest of your life, and when the home owner passes away the property is sold, the mortgage amount deducted and the balance goes to the persons heirs. (V K Chand)