REVERSE MORTGAGE SCHEME, 2008

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....y: - 1. Short title, commencement and application (I) This scheme may be called the Reverse Mortgage Scheme, 2008. (2)  It shall be deemed to have come into force from the 1" day of April, 2008. (3)  Save as otherwise provideC in the Scheme, it shall be applicable to all eligible persons. 2. Definitions.- In this Scheme, unless the context otherwise req....

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....d or wife is of, or above, the age of sixty years; (f)  "Reverse Mortgage" means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; (g) "reverse mortgagor" means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; (h) "reverse mortgage transaction" means a transaction in which t....

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.... 4. Sanction of reverse mortgage loan.- (l) The approved lending institution, before taking mortgage of capital asset and before disbursing any loan under reverse mortgage, shall- (a)  enter into a loan agreement in writing with the reverse mortgagor; and (b) obtain and maintain the following particulars from the reverse mortgagor, namely:- (i) Name and address of t....

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....o be decided mutually between the approved lending institution and the reverse mortgagor; (ii) lump-sum payment in one or more trenches, to the extent that the aggregate of the amount disbursed as lump sum payments does not exceed fifty per cent of the total loan amount sanctioned. 6.Period of reverse mortgage loan.- The loan under reverse mortgage shall not he granted for a period exceed....