Pros and cons of reverse mortgage

A reverse mortgage allows senior citizens to access a portion of their home's equity as income, without having to sell their property, by mortgaging it to a lender. 

An equitable mortgage involves using property as collateral without a formal mortgage deed, while a reverse mortgage allows homeowners aged 60 or older to access their home equity as a loan, with repayment deferred until they sell or no longer occupy the property. 

In the context of mortgages, an equitable mortgage (EM) is a simpler, less formal agreement where title deeds are deposited with the lender, while a registered mortgage (RM) is a formal, legally binding agreement registered with a government authority.

SIR, Thank you very much for your reply. The PSU bank is most likely asking for EM, should I worry about that.. as the property might be released by my nominees rather than me (post my life).. In such scenario, any Legal Will be required ?

If the Bank rules insist on equitable mortgage only then you my have no option than to comply with the conditions therein.

You can very well write a Will also with proper recitals about the distribution of your assets in favor the beneficiaries in the manner you desire and the Will to be witnessed by two witnesses. 

Thank you very much sir.