Reverse Mortgage

Tax Glossary Definition

Reverse Mortgage

A reverse mortgage is a financial arrangement where a senior citizen borrows money against the value of their residential property, receiving regular payments or a lump sum, while retaining ownership. The loan principal is generally not taxable, but interest paid may have specific tax implications under the Income Tax Act.

Example: A senior citizen avails a reverse mortgage loan of ₹20 lakh against their home; the principal is not taxable, but any interest component may affect tax computation

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