Reverse mortgage to attract no tax

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the potential reverse mortgage loan market is Rs 20,000 crore. the potential reverse mortgage loan market is Rs 20,000 crore.
SummaryAnnuity payments to senior citizens availing reverse mortgage would not be taxed.

this scheme as a purely need-based support to the senior citizens,” he said adding the recent tax break would go a long way in popularizing it. The NHB will collaborate with other stakeholders including banks and insurers to create awareness about the scheme and implement it across.

One glitch however remains. Currently, borrowers can get a maximum loan of 60 per cent of the property. The public sector bank official said that if this issue is also taken care of, the scheme has good chances of flourishing

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