One knows that the reverse mortgage is a loan taken against ones home which does not need to be paid back for as long as one lives there. This is available only to senior citizens above 60 Years of age .However one needs to own a residential property whose title is in his/her own name and needs to occupy or reside in that property. The property needs to be self occupied with no other loan against it. In a reverse mortgage operation the owner of the home ,a senior citizen generates cash flows from his home by borrowing against his home and continues to stay in his home. The amounts are obtained as a lump sum or as a regular monthly cash advance like a salary. A certain processing fee is charged while sanctioning the reverse mortgage loan amount which might be 1% of the loan amount sanctioned. The maximum monthly payments made by the bank cannot exceed INR 50000 per month. The lump sum cannot be more than 50% of the total eligibility amount with a ceiling of INR 15 Lakhs. The loan can be availed in a limit up to 60% of the value of the house. The maximum loan amount along with interest is restricted to a Crore of Rupees. The bank might make an assessment of the property based on the circle rate or the market rate, strength of the structure and the general maintenance of the property. Higher quantum of loans in the range of 60% of the value of the property can be obtained if one is around 70 Years of age. The rate of interest charged is around 12-15% per annum. One can avail of this facility as long as one does not sell the house, permanently move out of the house or as long as one is alive. In a typical home loan one needs to have a certain minimum salary to have that home loan sanctioned. In the case of reverse mortgage even if one does not have an income one can qualify for this kind of a loan.

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