When one takes loan against property , it is called mortgage of property.This loan can be utilsed for any purpose.The borrower has to payback the loan with interest , generally as equal monthly installment (EMI ) .

Reverse mortgage is a new concept in India and the Government wants to popularize it for the benefit of senior citizens of this country. The main purpose of popularizing the concept of reverse mortgage is to provide income to the senior citizen who may have an asset in form of house property , but not regular income. Some of the important