Mumbai: LIC Housing Finance Ltd (LICHFL) will now give reverse mortgage loans for senior citizens above 60 years. The loan will be given on single or on joint basis with the spouse, if the spouse is over 60 years. The reverse mortgage loan will be given at a fixed interest rate subject to reset every 5 years. Under the scheme, senior citizens can get the loan either on a monthly payment or a lump sum payment or a combination of both. The property evaluated for the loan should have at least 20 years of residual life.
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