Last Updated on February 25, 2025 by sadhana
A study of reverse mortgage scheme in India
The reverse mortgage scheme (RMS) in India was introduced in 2007 as a financial solution for senior citizens to generate a steady income stream by leveraging their self-owned residential property. This scheme allows homeowners aged 60 and above to mortgage their property with a financial institution in exchange for periodic payments without losing ownership rights. Unlike conventional loans, the borrower is not required to repay the amount during their lifetime, making it a viable option for retirees lacking a stable pension or financial support. The amount received depends on factors such as the property’s value, age of the borrower, and tenure of the loan.
Despite its benefits, the adoption of reverse mortgage in India has been relatively low due to a lack of awareness, emotional attachment to property, and concerns about inheritance. Additionally, financial institutions face challenges in assessing long-term property valuation and ensuring loan viability. The Life Insurance Corporation of India (LIC) and National Housing Bank (NHB) have played a role in promoting this scheme, yet cultural and social factors hinder its widespread acceptance. Unlike Western countries, where reverse mortgage is widely used, Indian households often prefer multi-generational living, reducing the scheme’s appeal.
To improve adoption, better awareness campaigns, flexible loan structures, and government incentives are necessary. Policymakers should also consider integrating reverse mortgage with pension schemes to enhance financial security for senior citizens. Strengthening regulatory frameworks and simplifying the disbursal process can make reverse mortgage a more attractive financial tool in India.
| Project Name | :A Study of Reverse Mortgage Scheme in India – MBA Finance |
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