Reverse Mortgage

A Reverse Mortgage Loan is a special financial product designed for senior citizens who own a residential property. It allows homeowners aged 60 years and above to convert the value of their property into regular monthly income or a lump sum amount, without selling or vacating their home.

Unlike traditional loans, in a reverse mortgage, the bank or lender makes periodic payments to the borrower against the mortgage of the property. The borrower continues to live in and own the property throughout their lifetime. The loan amount, along with interest, is repaid to the lender only after the borrower’s lifetime or when the property is sold.