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NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Miscellaneous Aspects of Retirement Planning

Which of the following is a feature of a reverse mortgage loan in India that is relevant to retirement planning for a senior citizen homeowner?

A reverse mortgage lets a senior citizen homeowner receive periodic payments against the house while continuing to live in it. Repayment is generally made from the property's sale proceeds later, so no monthly instalments are required and age eligibility applies.

  1. AThe borrower receives periodic payments against the house while continuing to live in itCorrect
  2. BThe borrower must repay monthly instalments from the first month
  3. CThe bank takes immediate possession of the house
  4. DThe loan is available to borrowers of any age

Explanation

In a reverse mortgage, a senior citizen pledges a house and receives regular payments while staying in it; the loan is generally settled from sale proceeds after the borrower's death or permanent move. Monthly repayment, immediate possession and no age limit are all incorrect.

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