Para 6 - Period of reverse mortgage loan - Reverse Mortgage Scheme, 2008

1 [6. Period of reverse mortgage loan.- The loan under reverse mortgage shall not be granted for a period exceeding,- (i) twenty years from the date of signing the agreement by the reverse mortgagor and the approved lending institution, where the loan is disbursed in accordance with clause (a) of Paragraph 5; (ii) the residual life time of the borrower, where the loan is disbursed in accordance with clause (b) of Paragraph 5. ] ------------------- Notes: 1. Substituted vide Notification No. 79/2013 dated October 7, 2013 before it was read as, "6.Period of reverse mortgage loan.- The loan under reverse mortgage shall not he granted for a period exceeding twenty years from the date of signing the agreement by the reverse mortgagor and the approved lending institution."