Question

Banks these days have launched a new scheme product known as "Reverse Mortgage". The scheme is designed keeping which of the following groups of society in consideration?

• A. Youngsters who have just started earning
• B. Defence personnel whose life is always at high risk
• C. Senior citizens
• D. Women who do not have independent source of income

Answer 1

The correct option is C Senior citizens

Reverse Mortgage allows to borrow senior citizens from their home's equity without having to make monthly mortgage payments. The scheme designed keeping for the senior citizens.