f) Reverse Mortgage Scheme

Understanding the Reverse Mortgage Scheme:

1. Definition and Purpose:

A reverse mortgage is a loan available to individuals over a certain age (usually 62 or older) that allows them to convert a portion of their home equity into cash. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, in a reverse mortgage, the lender makes payments to the borrower. The purpose is to help seniors supplement their retirement income, cover healthcare expenses, or meet other financial needs.

2. Loan Repayment:

One of the key features of a reverse mortgage is that it does not require immediate repayment. The loan becomes due and payable when the borrower no longer occupies the home as their primary residence. This typically happens when the borrower passes away, sells the home, or moves into a long-term ________ _________ _______ ______ ___ _______ ___.
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