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To see how much you can receive, visit today! Lenders offer loans up to 40-90% of the market value of the property under this scheme. There is a cap of Rs 1 crore on the loan amount. At present, reverse mortgage loans are available at 10-13% rate of interest. You can repay the loan prematurely without any pre-payment penalty if the loan is not being taken over by another lender. The loan tenure, which can be between 10 and 20 years, depends on the age of the borrowers. For example, if the age of the younger borrower in case of a joint loan, is between 60 and 68, State Bank of India (SBI) offers a SBI home loan for 15 years. If the younger borrower is older than 68, the tenure is limited to 10 years. accounts are finally settled. There is talk of adding insurance to reverse mortgage. So the reverse mortgage information - your address With over 2,000 active reverse mortgage lenders, it can be difficult for consumers to decide who to work with. A persons choice of lender will affect the overall affordability of the loan. While some seniors may be anxious to begin the loan process, taking the time to choose the best lender is always a savvy move. Make a realistic estimate of how long you'll remain in the home. The fees for reverse mortgages are high, and won't be justified unless the owner remains in the home at least seven years.