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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Reverse Mortgage Loan Duration: Max 20 Years or Borrower's Lifetime per 2013 Update to 2008 Scheme</h1> The Reverse Mortgage Scheme, 2008, stipulates that a reverse mortgage loan cannot exceed a period of twenty years from the date the agreement is signed between the borrower and the approved lending institution if disbursed under specific conditions. Alternatively, if disbursed under different conditions, the loan duration is limited to the borrower's remaining lifetime. This provision was updated in 2013 to include these terms, replacing the previous rule that only allowed a maximum period of twenty years.
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