Financial obstacles for retirees: MAS replies

We empathise with Mr Geoffrey Kung Kuo-Woo, whose bank refused to extend a loan secured on his property, apparently because he is above 65 years old ("Don't let rules be obstacles for retirees"; last Saturday).

The Monetary Authority of Singapore has not set any age limit on borrowers who wish to take up mortgage equity withdrawal loans secured on their properties.

Financial institutions may, however, adopt stricter conditions based on their internal credit policies and credit assessments.

We thank Mr Kung for sharing his feedback. We have reached out to him to see how we can further assist in explaining matters to his bank.

Bey Mui Leng (Ms)

Director (Corporate Communications)

Monetary Authority of Singapore

A version of this article appeared in the print edition of The Straits Times on October 15, 2016, with the headline 'Financial obstacles for retirees: MAS replies'. Print Edition | Subscribe