Reverse Mortgage

Have you ever thought of converting your home into an income source during your retirement? A reverse mortgage allows senior citizen homemakers to access the value of their house without selling it. It is the opposite of a normal home loan - rather than you pay the bank, the bank pays you. For number of elderly people with increasing expenses, having a good valuable real estate, this option could be the smart option.

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Therefore most of the individuals dont’t know much about the reverse mortgage for senior citizens or who can opt for it? Let’s discuss:

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What is a Reverse Mortgage?

A reverse mortgage is specifically designed for elderly homeowners (generally 60 years or above) that helps them to convert their home equity to income without selling their hose ore making repayments on a monthly basis. In this, the lender pays the homemaker. The loan gets due if case of the last borrower dies, permanently moves out, or sells the property. In that case, the amount of loan along wuth accrued interest is repaid from the sale benefits of the house and any rest equity is passed on to heirs of borrower or estate.

How Does Reverse Mortgage Works?

A reverse home mortgage aims at ensuring security during retirement, helping homeowners to continue living in their home while getting payout regularly from the lender.

Eligibility: The applicant should be a homeowner, generally of age 60 years and older,
Loan Amount: The amount that is sanctioned depends on factors like the value of property, the age of borrower, and the applicable rates of interest.
Funds receiving: Borrowers can select that how they want to receive the funds - in form of lump sum, regular payouts (monthly, quarterly, semi-annually, annually), a credit line, or a combination of all these options.
No Repayments on Monthly Basis: There are no restrictions to pay monthly instalments of interest or principal.
Accumulating Interest: Interest is added to the outstanding balance of loan over a time period, gradually increased the owed amount.
Loan Repayment: The loan amount becomes due in case the borrower that is last surviving moves out permanently, passes away, or sells the property. The home is then sold to repay the unpaid loan along with the accrued interest.

Eligibility Requirements For Reverse Mortgage Loan for Senior Citizens

Parameters	Details
Age	All borrowers should be 60 years and above
Type of property	Should be a primary residence where you reside
Homeownership	Should fully own the house or have a small balance of loan
Condition of Property	The home should be in a good condition Free from any legal claims

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Types of Reverse Mortgage

There are different types of reverse mortgage loan are available these days in market, which cater to different needs:

Single purpose reverse mortgage: This type of reverse mortgage loan is available to homemakers who are in a need for funds for specific purposes like medical expenses, home renovations. It is generallty offered by NGOs and government agencies.
Proprietary Reverse Mortgage: This type of reverse mortgage is provided by private lenders, and is specifically designed for homemakers who have a property of high value.
Home Equity Conversion Mortgage (HECM reverse mortgage); This is the most available and widely used option. This is designed for elderly people who are of 60 years or above and allows them to convert their equity in home into cash.

Documents Required For Reverse Mortgage Loan

Identity proof such as PAN, Voter ID, passport, Aadhaar card, employee ID card
Passport sized photographs
Address proof such as utility bills, passport, and voter ID card
Property ownership and residence proof such as property tax receipts, utility bills, title deed etc.

Reverse Home loan or Mortgage Loan Interest Rates

The reverse mortgage loan interest rates vary from one lender to another. These ROI are marginally higher than the home loans.

Tax Benefits on Reverse Mortgage

According to the section 10(43) of the Income Tax Act, 1961, the benefit payouts received by a senior either as a periodic payments, lump sum, is not considered as an income. Thus, payments from the financial services are non-taxable.

Wrapping Up

reverse mortgage is a powerful financial bridge for seniors who find themselves "house-rich but cash-poor." It offers a rare chance to unlock the wealth tied up in your bricks and mortar without having to pack your bags or leave behind the memories of your family home. By shifting the financial flow, where the bank pays you instead of the other way around, retirees can secure a tax-free income stream to handle medical bills, home upgrades, or daily living costs.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

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+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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