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REVERSE MORTGAGE SCHEME, 2008

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....on (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 Act, 1961 (43 of 1961); (b) &quo....

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....gage" 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 do....

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....on, 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 capital asset; (iii) ....