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.