Para 5 - Disbursement of loan - Reverse Mortgage Scheme, 2008

1 [5. Disbursement of loan. - The approved lending institution may disburse the loan, - (a) to the reverse mortgagor by any one or more of the following modes, namely:- (i) periodic payments to be decided mutually between the approved lending institution and the reverse mortgagor; (ii) lump-sum payment in one or more tranches, to the extent that the aggregate of the amount disbursed as lump sum payments does not exceed fifty per cent of the total loan amount sanctioned; or (b) in part or in full, to the annuity sourcing institution for the purposes of periodic payments by way of annuity to the reverse mortgagor. ] ------------------- Notes: 1. Substituted vide Notification No. 79/2013 dated October 7, 2013 before it was read as, " 5. Disbursement of loan.- (1) The approved lending institution may disburse the loan to the reverse mortgagor by any one or more of the following modes, namely:- (i) periodic payments to be decided mutually between the approved lending institution and the reverse mortgagor; (ii) lump-sum payment in one or more trenches, to the extent that the aggregate of the amount disbursed as lump sum payments does not exceed fifty per cent of the total loan amount sanctioned."