Despite nearly half-a-decade of existence, reverse mortgage schemes are yet to excite senior citizens with the idea of mortgaging their properties to meet their financial needs in the twilight years.
There are certain conditions unique to the country -children taking care of their elders, and the desire to hand over property to the next generation -that seem to be coming in the way of such schemes.
Reverse mortgage, launched in 2007, is a financial product devised to help people above 60 to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house. The payment may come from a bank as loan or from an insurer as annuity income. The annuity income has also been exempted from tax.
"Having come this far, the case for reverse mortgage has already become stronger. It needs publicity, awareness and capacity building.The National Housing Bank should engage the insurance regulator to give this product a fresh nudge," said RV Verma, former NHB chairman and managing director.
To Know More Reverse mortgage scheme fails to attract target group
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