Reverse mortgage loan duration capped by agreement or limited to borrower lifetime under scheme rules. The scheme sets alternative temporal caps on reverse mortgage loans: where disbursed under clause (a) of Paragraph 5 the loan term is capped at twenty years from the date of signing the agreement with the approved lending institution; where disbursed under clause (b) of Paragraph 5 the loan term is limited to the borrower's residual lifetime.
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Provisions expressly mentioned in the judgment/order text.
Reverse mortgage loan duration capped by agreement or limited to borrower lifetime under scheme rules.
The scheme sets alternative temporal caps on reverse mortgage loans: where disbursed under clause (a) of Paragraph 5 the loan term is capped at twenty years from the date of signing the agreement with the approved lending institution; where disbursed under clause (b) of Paragraph 5 the loan term is limited to the borrower's residual lifetime.
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