Para 4 - Sanction of reverse mortgage loan - Reverse Mortgage Scheme, 2008

4. Sanction of reverse mortgage loan.- (l) The approved lending 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 capital asset; (iii) Total area, including built up or covered area, of the capital asset; (iv) Cost of acquisition and the year of acquisition of the capital asset; (v) Cost of improvement and the year of improvement of the capital asset; (vi) Name, address and Permanent Account Number of all the legal heirs and estate of the owner of the capital asset; (vii) A copy of the registered will of the owner of the capital asset including any changes made therein during the currency of the term of the loan.