Banking Awareness Test for IBPS, RBI, SBI, NABARD & other Bank Examinations

Q.  Which of the following best defines the Reverse Mortgage Loan Scheme?

a. A reverse mortgage is a loan for seniors age 62 and older.
b. These loans are secured over a residential property.
c. These loans typically do not require monthly mortgage payments.
d. All of the Above


ANSWER: See Answer
 
The scheme of reverse mortgage has been introduced recently for the benefit of senior citizens owning a house but having inadequate income to meet their needs. Reverse Mortgage Loan provides an additional source of income for senior citizens of India, who have a self- acquired or self-occupied home in India.
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