Which of the following is defined as the loan for a senior citizen, wh – InterviewSolution

1.	Which of the following is defined as the loan for a senior citizen, who has a self-acquired or self-occupied home?1). Mortgage system2). Senior citizen loan3). Reverse Mortgage system4). Senior citizen capital loan
Answer» Reverse Mortgage system is DEFINED as the loan for a senior CITIZEN, who has a self-acquired or self-occupied HOME. It is designed for retired PEOPLE who are not able to support themselves but have assets in the form of house properties. In a Reverse Mortgage, a senior citizen mortgages his property to a lender (bank), which then makes PERIODIC payments to the borrower so that borrower can meet his monthly expenses.

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