Para 3 - Application and processing for reverse mortgage transaction - Reverse Mortgage Scheme, 2008

3. Application and processing for reverse mortgage transaction.- (1) Any eligible person may enter into a reverse mortgage transaction by applying in writing to the approved lending institution, if the capital asset, being mortgaged, is^ (i) owned by him; and (ii) free from any encumbrances. (2) The application under 1 [sub-paragraph (1)] shall be processed by the approved lending institution and for this purpose the institution may charge nominal amount as processing fees. ------------------- Notes: 1. Substituted vide Notification No. 79/2013 dated October 7, 2013 before it was read as, sub-rule (1) .