Reverse mortgage enables eligible senior owners to mortgage residential property for periodic or lump sum loan disbursements under conditions. Scheme regulates reverse mortgage transactions for eligible senior owners, requiring written application and processing by approved lending institutions, which must execute written loan agreements and obtain specified owner, property and heir particulars. Loans may be disbursed periodically or as lump sums (lump sums capped at fifty percent of sanctioned loan), are limited to a maximum twenty-year term, and are repayable by the reverse mortgagor or their legal heirs or estate on foreclosure with interest.