I think that the reverse mortgage will work out as under:
In case of normal mortgage the EMI is determined at the time of taking the loan which again will depend on the tenure of the loan and the rate of interest.
In the case of reverse mortgage it is similar. The market value of the property will be determined. 60 percentage of the said market value will be the maximum funding and the amount of income for the borrower would depend on the rate of interest. Thus instead oof paying the EMI the borrower would get the monthly payment from the Bank/HFC which he can take on monthly or on quarterly or yearly basis.
It is really a good social security measure and should be introduced earnestly immediately.
