Senior citizens shall be allowed to use their residential properties even after mortgaging same to the banks or finance companies. National Housing Bank is planning to provide some regular source of income to the senior citizens.
Such citizens, who have crossed the age of 60, shall be able to gain profit of this scheme such as buy property in India. According to the reverse mortgage guidelines released by the NHB for seeking public opinion as far as property in India is concern, the senior citizens may be paid up to 60% of nonrefundable-loan of buy property in India against the market value of their property. However, the amount paid to the owner against mortgage of his house, will also increase along with the increase in market value of his property. After the death of property owner, the bank or finance company shall recover the loan along with agreed rate of interest by selling the mortgaged property. The balance amount, if any, shall be paid to the family members of the deceased
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