Reverse mortgage amendment expands annuity sourcing and allows lenders to disburse via periodic, lump-sum, or annuity channels. Amendment adds annuity sourcing institution to include LIC or other IRDAI-registered insurers, revises disbursement rules to allow periodic payments, or lump-sum tranches not exceeding fifty per cent of the sanctioned loan, or payment in part or full to the annuity sourcing institution for annuity payments, and limits loan tenure to twenty years where payments go to the mortgagor or to the borrower's residual lifetime where payments are made to the annuity sourcing institution.
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Reverse mortgage amendment expands annuity sourcing and allows lenders to disburse via periodic, lump-sum, or annuity channels.
Amendment adds annuity sourcing institution to include LIC or other IRDAI-registered insurers, revises disbursement rules to allow periodic payments, or lump-sum tranches not exceeding fifty per cent of the sanctioned loan, or payment in part or full to the annuity sourcing institution for annuity payments, and limits loan tenure to twenty years where payments go to the mortgagor or to the borrower's residual lifetime where payments are made to the annuity sourcing institution.
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