INDIA: Housing Bank, Harmony team up for seniors helpline on reverse mortgage

. MUMBAI (IANS), December 12, 2008 A toll free helpline for senior citizens seeking information about a government financial scheme for the elderly has been inaugurated. Harmony for Silver’s Foundation has joined with the National Housing Bank (NHB) for introducing the all India toll free helpline through which interested people can get information on the central government’s scheme of Reverse Mortgage Loan (RML). The helpline number 1800 100 1111 will be available to callers countrywide from 10 a.m. to 6 p.m. Harmony Foundation Chairperson Tina Ambani inaugurated the helpline. “We have been working for ‘Silvers’ (senior citizens) and this initiative will make people aware about the reverse mortgage scheme. We are here to facilitate the whole process.” NHB Chairman S. Sridhar said: “Most senior citizens invest their lifelong savings in buying a house and are finally left without any cash. This scheme would be of great help to them as they can get a steady monthly income to suit their financial needs.” NHB helps senior citizens above 60 years to avail of periodic payments from a lender against the mortgage of his/her house while remaining the owner and occupant of the house. The borrowers are not required to service the loan during their lifetime and, therefore, do not make monthly repayments of principal and interest to the lender. Source: IANS