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The Reverse Mortgage Agreement is a specialized financial instrument designed for senior citizens in India who own residential property but require regular income for their retirement needs. This agreement, regulated by the National Housing Bank (NHB) guidelines and various Indian banking and property laws, enables homeowners aged 60 and above to mortgage their property to a financial institution in exchange for periodic payments, while retaining ownership and right of residence. The document structures the entire relationship between the lender and borrower, covering crucial aspects such as property valuation, loan amount determination, disbursement schedule, interest calculation, borrower's obligations regarding property maintenance, and conditions for termination. The agreement gains significance in the context of India's growing elderly population and their financial security needs, offering a means to monetize their primary asset while maintaining their living arrangements.

1. Parties: Identifies the lender (financial institution), borrower(s) (property owner(s)), and any other relevant parties

2. Background: Explains the context of the agreement, including property ownership status and purpose of the reverse mortgage

3. Definitions: Defines key terms used throughout the agreement

4. Loan Amount and Disbursement: Details the maximum loan amount, disbursement schedule, and payment mechanisms

5. Property Details and Valuation: Describes the mortgaged property and its current valuation

6. Interest Rate and Charges: Specifies the applicable interest rate, calculation method, and other charges

7. Term and Tenure: States the duration of the reverse mortgage and conditions for extension

8. Borrower's Representations and Warranties: Lists the borrower's confirmations regarding property ownership, accuracy of information, etc.

9. Borrower's Covenants: Details ongoing obligations including property maintenance, insurance, and tax payments

10. Lender's Rights and Obligations: Outlines the lender's commitments and rights under the agreement

11. Security Creation: Details of the mortgage creation and security interest in favor of the lender

12. Events of Default: Lists circumstances that constitute default and their consequences

13. Termination and Settlement: Conditions for agreement termination and final settlement procedures

14. Governing Law and Jurisdiction: Specifies applicable laws and courts having jurisdiction

15. Notices: Details how formal communications between parties should be made

16. Execution: Signature blocks and execution formalities