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Reverse Mortgage-An Ideal Financials Product for Senior Citizen.
Dr. Ramesh Agadi Shri Suvinkumar Mamdi
One of the most important issues for many seniors today is how to secure their retired life and most
importantly how to continue to live comfortably in their homes after retirement. Today seniors are living
longer and the majority of them will be living in their own houses. At the same time, many are living on
fixed incomes and/or on the proceeds of investments that do not meet their financial needs. Some require
additional sources of income to cover day-to-day expenses, while others need cash to pay for more
significant costs such as health care services, home repairs etc. In order to help the senior citizens
especially in the evening of their life, keeping in mind these necessities, banks have developed a scheme
styled as ‘Reverse Mortgage’ so that they live their life peacefully.