Which institutions offer reverse mortgage products? Is there a minimum age to qualify for the products? Can I pledge ancestral property for reverse mortgage?Reverse mortgage made its entry into India in August 2006, when Dewan Housing Finance launched the first reverse mortgage product (Saksham). However, since then, other institutions have started offering reverse mortgage products. These are Bank of Baroda, Central Bank of India, Dewan Housing Finance, LIC Housing Finance, Punjab National Bank and State Bank of India.
The minimum age to qualify for a reverse mortgage product for all financial institutions is 60 years. You, however, cannot pledge ancestral property under reverse mortgage.
