Q. Who among the following are the beneficiaries of the “Reverse Mortgage Scheme”?
Answer: Senior Citizens
Notes: A reverse mortgage is a type of financial product that allows seniors to access the equity in their homes without having to sell their property or make monthly loan payments. In a reverse mortgage, the lender makes payments to the borrower based on a percentage of the value of their home. The borrower retains ownership of their home and can continue to live there for as long as they wish. However, the loan must be repaid when the borrower dies, sells the property, or moves out of the home. Reverse mortgages can be a useful financial tool for seniors who need additional income but want to remain in their homes. However, they can also be risky and may not be suitable for everyone.
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