TMI BlogREVERSE MORTGAGE SCHEME, 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... itle, commencement and application (I) This scheme may be called the Reverse Mortgage Scheme, 2008. (2) It shall be deemed to have come into force from the 1 day of April, 2008. (3) Save as otherwise provideC in the Scheme, it shall be applicable to all eligible persons. 2. Definitions.- In this Scheme, unless the context otherwise requires, - (a) Act means the Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... verse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; (g) reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; (h) reverse mortgage transaction means a transaction in which the loan may be disbursed to the reverse mortgagor but does not in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g institution, before taking mortgage of capital asset and before disbursing any loan under reverse mortgage, shall- (a) enter into a loan agreement in writing with the reverse mortgagor; and (b) obtain and maintain the following particulars from the reverse mortgagor, namely:- (i) Name and address of the owner of the capital asset; (ii) Permanent Account Number of the owner of the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agor; (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. 6.Period of reverse mortgage loan.- The loan under reverse mortgage shall not he granted for a period exceeding twenty years from the date of signing the agreement by the reverse mortgagor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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