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of <h1>Reverse Mortgage Scheme 2008: Seniors 60+ can mortgage homes for loans from approved lenders. Max loan term: 20 years.</h1> The Reverse Mortgage Scheme, 2008, effective from April 1, 2008, allows eligible individuals aged 60 or above, or married couples where one partner meets the age requirement, to mortgage their residential property in India to obtain a loan from approved lending institutions. These institutions include the National Housing Bank, scheduled banks, or registered housing finance companies. The scheme outlines the application process, loan sanctioning, and disbursement methods, including periodic or lump-sum payments. The loan term cannot exceed 20 years, and repayment is required upon foreclosure, involving the principal and interest.
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