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Which of the following is defined as the loan for a senior citizen, who has a self-acquired or self-occupied home?

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Which of the following is defined as the loan for a senior citizen, who has a self-acquired or self-occupied home?
1). Mortgage system
2). Senior citizen loan
3). Reverse Mortgage system
4). Senior citizen capital loan


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Answered by on | Votes 2 |
  • 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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