Population aging is a worldwide phenomenon, and India is no exception. Census reports indicate that the Indian population has approximately tripled during the last 50 years, but the number of elderly Indians has increased more than fourfold. When considering the continuation of the trend, the United Nations predicts that the Indian population will again grow by 50 percent in the next 50 years, whereas the elderly population is expected to grow another fourfold. India is young but it is graying also. All over the world, one of the chief concerns is that how senior citizens will manage regular in flow of income after retirement. A proper inflow of income will affect their life if not supported by their children. This paper proposes to study the new financial product introduced in budget 2007–08 for senior citizens to convert their house as a source of income to meet their old age requirements. The paper highlights the operational guidelines of this new product and studies the present situation of elderly in India and potentialities have also been worked out in Indian market.