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
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.
