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Singapore Budget 2014: Reverse mortgages for elderly HDB flat owners being seriously studied: Khaw

Published on Mar 10, 2014 4:47 PM
 

The option of reverse mortgages for elderly Housing Board (HDB) flat owners is being seriously studied by the National Development Ministry (MND).

"It is timely to revisit (the) reverse mortgage as an additional option for our seniors...We hope to formulate a practical scheme for our seniors," said MND Minister Khaw Boon Wan in Parliament on Monday.

Reverse mortgages are loans taken up by the owner using his property as collateral, and repaid with interest upon termination or death, typically from the sales proceeds.

Reverse mortgages have been tried before by NTUC Income, but did not quite take off, Mr Khaw noted.

The option of reverse mortgages for elderly Housing Board (HDB) flat owners is being seriously studied by the National Development Ministry (MND). -- ST FILE PHOTO: YEN MENG JIIN
 
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