"To avail of a reverse mortgage, you either need to be a male above 60 years of age or a female who is above 55 years of age," says a senior Punjab National Bank official. However, if you want to jointly avail of the loan, either one of the partners needs to be above 60 years. Apart from the age of the person, the amount of the loan also depends on the time period and the value of the property. Loans are available for about 15 years. Installments could either as periodic payments (monthly, quarterly or annual payments) and sometimes as lump sum payments. However, lump sum payments generally given out only for medical needs.