In 2-quart saucepan, heat water to a rapid boil over medium-high heat; reduce heat to low. Add tea leaves; simmer 2 to 4 minutes to blend flavors. (If using tea bags, remove and discard.)
Stir in remaining ingredients except sweetened condensed milk. Heat to boiling, but do not let milk boil over. Stir in sweetened condensed milk. Strain tea through strainer into cups.