What is a reverse mortgage?

The reverse mortgage is the process where you get a loan against the value of your home. Here, you mortgage your home to the bank and receive money in monthly installments within a fixed time period.

Why avail a reverse mortgage?

• Custom Arrangement for Senior Citizens: Homeowners above 60 can take advantage of the equity value of their residential house to avail of funds through a reverse mortgage.
• A Source of Additional Income: Senior citizens can create a comfortable income as 60-90% of the property’s value is sanctioned as a loan.
• Save on Your Taxes: The amount received is in the form of a loan, making it free from taxes.

Eligibility criteria:

• Type of Resident: Indian


• Minimum Age:
  • 60 years for single borrowers
  • 58 years for joint borrowers


• Loan Tenure: 10-15 years


• Loan Amount:
  • Minimum: 3 lakhs
  • Maximum: Rs. 1 crore