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of <h1>Reverse Mortgage Scheme 2008: Key Definitions and Eligibility Criteria for Seniors Under Income-tax Act 1961</h1> The Reverse Mortgage Scheme, 2008 defines key terms related to reverse mortgages. The 'Act' refers to the Income-tax Act, 1961. An 'annuity sourcing institution' includes the Life Insurance Corporation of India or other authorized insurers. An 'approved lending institution' can be the National Housing Bank, a scheduled bank, or a registered housing finance company. A 'capital asset' is a residential property in India. An 'eligible person' is an individual or couple aged 60 or above. 'Reverse Mortgage' involves mortgaging a capital asset for a loan, and a 'reverse mortgagor' is the individual undertaking this. The scheme excludes property sale or disposal for loan settlement.
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