Discussion Forum : Nabard & Other Bank Examinations
Question - Which of the following best defines the Reverse Mortgage Loan Scheme?
Options:
A .  A reverse mortgage is a loan for seniors age 62 and older.
B .  These loans are secured over a residential property.
C .  These loans typically do not require monthly mortgage payments.
D .  All of the Above
Answer: Option D
THE SCHEME OF REVERSE MORTGAGE HAS BEEN INTRODUCED RECENTLY FOR THE BENEFIT OF SENIOR CITIZENS OWNING A HOUSE BUT HAVING INADEQUATE INCOME TO MEET THEIR NEEDS. REVERSE MORTGAGE LOAN PROVIDES AN ADDITIONAL SOURCE OF INCOME FOR SENIOR CITIZENS OF INDIA, WHO HAVE A SELF- ACQUIRED OR SELF-OCCUPIED HOME IN INDIA.
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