Delhi: This festive season brings some good news for the senior citizens. The Government has made regulation of monthly income more convenient for the senior citizens. Here onwards the annuity income gained from a reverse mortgage will be exempted of taxes. The Government has also lifted the constraint on the 20 year annuity payment stating that this would be applicable as long as the owner survives.This scheme was launched in the year 2009 and since then numerous citizens have availed this scheme. The convenience offered by these schemes will help the citizens in the later years.The reverse-mortgage loan states that a citizen of above 60 years of age can enjoy the benefit of using his/her residential space until the mortgagee or spouse lives. This will make loans more senior citizen friendly.In short a reverse mortgage allows a senior citizen to avail the equity on their homes without a source of income. No principal or interest payment is required in this case. On the death or departure of either one of the mortgagee, if the other one continues to occupy the property then the conditions hold true.If the borrower sells his property then he/she shall be liable for the repayment. According to the scheme introduced the annuity on reverse mortgage has now been made tax free.Insurance companies from all over will also be a part of this scheme. By this the annuity income is all set to rise in comparison to the present statistics for a reverse mortgage. Out of the total loan amount 50% or a part amount (whichever is lower) will be given at one go whereas the remaining will go into the annuity fund.The changes introduced in the reverse mortgage will help the senior citizens to get a convenient tax break and sustainable financial security in the years to come.займ на карту без отказов круглосуточновзять кредит онлайн