Economics · Economy
A reverse mortgage loan is a financial product designed for senior citizens, allowing them to convert a portion of their home equity into loan advances while continuing to live in their homes. In a reverse mortgage loan in India, which of the following is true regarding the age eligibility criteria for joint borrowers?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The primary borrower must be over 60, and the co-borrower spouse should be 55 or above✓
- 2Both individuals in a married couple must be above 60 years of age
- 3Only single individuals can apply for this loan
- 4The primary borrower must be under 60 years of age
Correct answer
The primary borrower must be over 60, and the co-borrower spouse should be 55 or above
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