Reverse Mortgage (Amendment) Scheme, 2013

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....elhi, the day of 07^th October, 2013 S.O. 3034(E) - In exercise of the powers conferred by clause (XVI) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme to amend the Reverse Mortgage Scheme, 2008, namely:- 1. (1) This Scheme may be called the Reverse Mortgage (Amendment) Scheme, 2013.     (2) It shall come into....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....an. - The approved lending institution may disburse the loan, -    (a) to the reverse mortgagor by any one or more of the following modes, namely:-    (i) periodic payments to be decided mutually between the approved lending institution and the reverse mortgagor;    (ii) lump-sum payment in one or more tranches, to the extent that the aggregate of the amount ....