Unlock Your Home's Value: How a Reverse Mortgage Can Boost Retirement Income

• A reverse mortgage allows senior citizens (60+ in India) to convert home equity into regular income without selling or moving out.
• Unlike traditional loans, the bank pays the homeowner monthly, as a lump sum, or line of credit, secured against the property.
• The loan amount is based on home value and age; older borrowers typically receive higher payouts due to shorter expected loan tenures.
• Homeowners remain responsible for property maintenance, taxes, and insurance while living in the house.
• The loan is repaid after the last borrower's death or property sale; heirs can repay the loan to keep the house, or the bank sells it to recover dues.

Why It Matters: A reverse mortgage offers retirees a way to access home equity for income, but requires careful consideration of terms and family impact.