India faces a growing elderly population, many "asset-rich but income-poor" due to wealth locked in homes. Reverse mortgages offer a vital solution, converting illiquid home equity into retirement income. Despite recognizing its potential, the scheme hasn't succeeded due to issues like cultural bequest motives, weak property titles, bank risk aversion, and low awareness. The article advocates for robust reforms, including better data, financial literacy, bank incentives, independent counselling, legal certainty, and consumer protection. Drawing from international models, it posits reverse mortgages as a crucial third pillar for retirement finance, especially given India's evolving socio-economic landscape and nuclear family trend.