Public-sector lender Union Bank of India has finally launched its "Union Reverse Mortgage Scheme", a loan product, under which a senior citizen who is owner of a house can avail of a monthly stream of income against mortgage of his/her house.
The loan will be available to homeowners who are 60 years of age or more and can be availed jointly with the spouse, provided he or she is more than 55 years old.
Many lenders such as State Bank of India, Canara Bank, Punjab National Bank, UCO Bank, Bank of Baroda, Allahabad Bank, Indian Bank, Axis Bank and Central Bank of India are already offering the product to senior citizens.
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