Reverse mortgage: Monetary succour for the elderly that failed to take off

Apart from the sentimental value attached to property, lack of product understanding and certain shortcomings have stifled this potential value-enhancer for India's senior citizens

If you are a senior citizen and struggling to meet daily financial needs, your home can be a source of your livelihood and after a lifespan of working and raising family, senior citizens deserve a good phase of retirement and that’s when financial products come to their aid to lead a hassle-free life. The aged population, who possess a house but do not want to sell it, and yet, need regular cash flow, can opt for ‘Reverse Mortgage’ to help them monetise the value of their residential property.

The product, a loan scheme that permits people aged 60 and above