Reverse mortgage scheme has been extended till life of a borrower to make it more attractive to senior citizens. Earlier, the period of reverse mortgage loan was 20 years. The period starts from the date of signing the agreement by the mortgager and the approved lending institution. A notification by the Central Board of Direct Taxes issued today said the period has been extended to the residual lifetime of the borrower now.

The scheme provides for repayment of loan with accumulated interests through sale of the house property on the borrower's death or on the borrower leaving the house property permanently. The borrower or the heir can also repay the loan with accumulated interest and have the mortgage released without resorting to sale of the property.