Reverse mortgage has so far been a lousy product that senior citizens didn’t want. But that’s about to change
In 2007, P. Chidambaram, the then finance minister, announced a rather novel scheme called reverse mortgages, which promised to give senior citizens an income stream based on the value of property they owned. Many who are past their sixties suddenly find themselves in a piquant situation: Salaries have
shrunk to pensions, the risk of sudden medical expenses is higher and inflation simply unbearable.(This story appears in the 14 January, 2011 issue of Forbes India. To visit our Archives, click here.)