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Question
Which of the following schemes has been launched specifically for helping Senior Citizens to avail loan by mortgage of the residential property?
Which of the following schemes has been launched specifically for helping Senior Citizens to avail loan by mortgage of the residential property?
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Solution
The correct option is D Reverse Mortgage Loan Scheme
In order to help senior citizens who own a home but do not want to sell them, and yet, supplement their regular cash flow, the government of India has introduced the ‘Reverse Mortgage Scheme, 2008’. It helps the elderly to tap into the value of their residential property while living in the house during their lifetime.
In order to help senior citizens who own a home but do not want to sell them, and yet, supplement their regular cash flow, the government of India has introduced the ‘Reverse Mortgage Scheme, 2008’.
It helps the elderly to tap into the value of their residential property while living in the house during their lifetime.
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