NHB, CorpBank to finalise new reverse mortgage plan

NHB (National Housing Bank) will resume talks current week with state owned Corporation Bank for introducing a reverse mortgage product. NHB has already teamed up with LIC (Life Insurance Corporation of India) for developing a reverse mortgage product.

NHB, LIC and Corporation Bank  are set to become 3 way partners through a pact for development, marketing and distribution of reverse mortgages.

Mr. R. V. Verma, CMD, NHB said, “We were already in talks with Corporation Bank and LIC for some time. However, talks with Corporation Bank were put on hold due to some changes at the top management level. We expect the memorandum of understanding (MoU) to be signed very soon after which the product can be launched”

In the three-way tie up of NHB, LIC and Corporation Bank, NHB will create awareness about the product, create a necessary framework and provide documentation assistance. NHB will also coordinate with various government bodies.

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