Reverse Mortgage (Amendment) Scheme, 2013

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..... exercise of the powers conferred by clause (XVI) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme to amend the Reverse Mortgage Scheme, 2008, namely:-- 1. (1) This Scheme may be called the Reverse Mortgage (Amendment) Scheme, 2013. (2) It shall come into force on the date of its publication in the Official Gazette. 2. In the Rever .....

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..... f 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 insti .....

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