Srs. look ahead with reverse mortgage

Kolkata-based UCO Bank has, on Saturday, announced the launch of a reverse mortgage loan scheme for senior citizens. The scheme is targeted for supplementing pension and other monthly income for citizens over 60 years. The scheme, being new in India, will offer the seniors a regular fixed sum per month from banks and housing finance players, based on the value of their property that they live in. The owners will receive the sum for a period not more than 15 years. A dozen banks, including Allahabad Bank and Punjab National Bank, have already launched a reverse mortgage scheme.