Reverse mortgage definition: sets eligible elderly borrowers, approved lenders, and excludes sale to settle the loan. Reverse Mortgage Scheme, 2008 defines reverse mortgage as the mortgage of a residential house property in India by an eligible person (individual aged sixty or above, or a married couple where either spouse is sixty or above) to obtain a loan from an approved lending institution (National Housing Bank, scheduled banks, or registered housing finance companies). It identifies the reverse mortgagor and specifies that a reverse mortgage transaction involves loan disbursement to the mortgagor and excludes sale or disposal of the property for loan settlement.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reverse mortgage definition: sets eligible elderly borrowers, approved lenders, and excludes sale to settle the loan.
Reverse Mortgage Scheme, 2008 defines reverse mortgage as the mortgage of a residential house property in India by an eligible person (individual aged sixty or above, or a married couple where either spouse is sixty or above) to obtain a loan from an approved lending institution (National Housing Bank, scheduled banks, or registered housing finance companies). It identifies the reverse mortgagor and specifies that a reverse mortgage transaction involves loan disbursement to the mortgagor and excludes sale or disposal of the property for loan settlement.
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