A two-year pilot program for reverse mortgages, which enable elderly property owners more income in their twilight years, began in four major Chinese cities — Beijing, Shanghai, Guangzhou and Wuhan — on Tuesday.

The trial will extend nationwide if it is successful, according to the China Insurance Regulatory Commission, China's top policy designer of the new endowment insurance.

Property owners aged 60 and above can apply for the insurance, according to the regulations released by the commission in late June.

The regulations stipulate that insurance companies can participate in the pilot program if they meet requirements that include being in business for more than five years, having registered assets of at least 2 billion yuan ($322 million) and employing sufficient professionals with expertise in reverse mortgages.

Senior citizens can mortgage their properties to eligible insurance companies to receive monthly payments over a specified term or until their death.

The insurance company to which the property is mortgaged can put the asset up for sale once it has been fully paid for or when the owner dies.