Which Indian banks give reverse mortgage?

Loan Amount: Up to Rs 2 Cr. (Subjected to market value of residential property as assessed by the bank, age of the applicant and prevalent Interest rate.) Eligibility norms for Reverse Mortgage Loan: • Should be Citizen of India above 60 years of age. read more

Reverse Mortgage Loan-Enabled Annuity (RMLeA) A Reverse Mortgage Loan Enabled Annuity (RMLeA) is an advanced Reverse Mortgage product in which the bank instead of paying you directly, pays one lump sum amount to an insurance company. The insurance company then makes monthly payments to you based on actuarial pricing. read more

Currently, big nationalised banks and some private banks offer reverse mortgage loans. Interest rate on these loans is usually in the range of 2.75-3% above the base rate. Like any other loan, reverse mortgage also attracts charges such as processing fee and prepayment penalty. read more

Reverse mortgage loans are a unique type of home loan designed for senior citizens and require no monthly mortgage payments. Borrowers do still have to pay other expenses like property taxes and home insurance premiums. read more