Reverse mortgage loan sanctioning requires written loan agreement and specified borrower and property particulars before disbursement. Before taking mortgage and disbursing any reverse mortgage loan, the approved lending institution must enter into a written loan agreement with the reverse mortgagor and obtain and maintain specified particulars: owner's name and address, owner's Permanent Account Number, total area of the capital asset, cost and year of acquisition, cost and year of improvement, names, addresses and Permanent Account Numbers of all legal heirs and estate, and a copy of the registered will including any changes during the loan term.
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Provisions expressly mentioned in the judgment/order text.
Reverse mortgage loan sanctioning requires written loan agreement and specified borrower and property particulars before disbursement.
Before taking mortgage and disbursing any reverse mortgage loan, the approved lending institution must enter into a written loan agreement with the reverse mortgagor and obtain and maintain specified particulars: owner's name and address, owner's Permanent Account Number, total area of the capital asset, cost and year of acquisition, cost and year of improvement, names, addresses and Permanent Account Numbers of all legal heirs and estate, and a copy of the registered will including any changes during the loan term.
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