Government mulling reverse mortgage for elderly S’poreans
Scheme will allow elderly to borrow against the value of their home; repayments are only made after the borrower dies or the house is sold
BY XUE JIANYUE
PUBLISHED: MARCH 10, 4:59 PM UPDATED: MARCH 10, 5:00 PM
SINGAPORE — The Government is revisiting reverse mortgage as a means to help elderly Singaporeans retire comfortably, said National Development Minister Khaw Boon Wan in Parliament today (March 10).
Speaking at the Committee of Supply debate for the Ministry of National Development (MND), Mr Khaw said some elderly Singaporeans at Our Singapore Conversation had suggested that the Government offer Reverse Mortgages (RM) to them. They also expressed their wish to age-in-place — living in a residence of their choice — and retain an asset which they can bequeath.
Mr Khaw also said the ministry is reviewing the Enhanced Lease Buyback scheme to see if it can be extended to larger flat types, as suggested by several Members of Parliament (MPs).
RM loans were given for public housing in 2006 with NTUC Income selling RM products to Singaporeans at age 70. The scheme stops at age 90 or when the homeowner dies. Such mortgages allow homeowners to borrow money against the value of their homes. Unlike a normal mortgage, there is no repayment of a reverse mortgage until the borrower dies or the home is sold, thus unlocking equity for homeowners.
Although the scheme did not quite take off, Mr Khaw said it is timely to revisit this option as the MND already has a better understanding of the elderly’s preferences after some experience with the Silver Housing Bonus and Lease Buyback.
This year, there were 27 “cuts” — a call for a S$100 reduction in a ministry’s budget — for the MND compared to 40 “cuts” last year.
Among the MPs who rose to express their views about MND’s programmes, MP (Nee Soon GRC) Lee Bee Wah suggested that the ministry remove all forms of waiting period for divorcees with children. MP (Marine Parade GRC) Seah Kian Peng suggested that the ministry seek the local Community Development Council’s inputs when evaluating an applicant’s housing needs.
Mr Khaw said the Government has begun to focus on vulnerable groups, especially for divorcees with children, given that the backlog for newlyweds have been cleared. The ministry will study Dr Lee’s and Mr Seah’s suggestions, he said, adding that the authorities will continue to exercise flexibility and compassion whenever they receive worthy cases from MPs.
- wong chee tat :)
Monday, March 10, 2014
HDB moves to reduce focus on COV
HDB moves to reduce focus on COV
HDB to accept valuation requests only after resale flat buyers are granted an Option to Purchase; resale prices to be published daily
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BY SUMITA SREEDHARAN
PUBLISHED: MARCH 10, 5:13 PM UPDATED: MARCH 10, 5:15 PM
SINGAPORE — To reduce the focus on Cash-Over-Valuation (COV) in negotiations during the sale of a flat, the Housing and Development Board (HDB) will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers.
National Development Minister Khaw Boon Wan, who announced this change in Parliament, said this will restore the original intention of valuation, which is to help buyers obtain a housing loan. This change will take effect from 5pm today (March 10).
The HDB will also publish daily prices of resale transactions as soon as they are registered, aimed at getting negotiations to focus on recent transaction prices and reduce the focus on COVs. Currently, resale prices are published twice a month.
While the balance between buyers and sellers has been re-titled, the market is not at its optimal state, and thus it is premature to withdraw cooling measures, Mr Khaw said.
To further protect property buyers, the Council for Estate Agencies (CEA) will launch an online guide to provide general tips to consumers who are thinking of buying a foreign property.
The CEA will also step up its effort to regulate estate agents marketing overseas property developments here and Mr Khaw advised members of the public to report to the CEA any marketing activities by unlicensed foreign estate agents, so that the CEA can investigate and take appropriate actions.
- wong chee tat :)
HDB to accept valuation requests only after resale flat buyers are granted an Option to Purchase; resale prices to be published daily
BY SUMITA SREEDHARAN
PUBLISHED: MARCH 10, 5:13 PM UPDATED: MARCH 10, 5:15 PM
SINGAPORE — To reduce the focus on Cash-Over-Valuation (COV) in negotiations during the sale of a flat, the Housing and Development Board (HDB) will only accept valuation requests from resale flat buyers after they have been granted an Option to Purchase by flat sellers.
National Development Minister Khaw Boon Wan, who announced this change in Parliament, said this will restore the original intention of valuation, which is to help buyers obtain a housing loan. This change will take effect from 5pm today (March 10).
The HDB will also publish daily prices of resale transactions as soon as they are registered, aimed at getting negotiations to focus on recent transaction prices and reduce the focus on COVs. Currently, resale prices are published twice a month.
While the balance between buyers and sellers has been re-titled, the market is not at its optimal state, and thus it is premature to withdraw cooling measures, Mr Khaw said.
To further protect property buyers, the Council for Estate Agencies (CEA) will launch an online guide to provide general tips to consumers who are thinking of buying a foreign property.
The CEA will also step up its effort to regulate estate agents marketing overseas property developments here and Mr Khaw advised members of the public to report to the CEA any marketing activities by unlicensed foreign estate agents, so that the CEA can investigate and take appropriate actions.
- wong chee tat :)
Faster interbank transfer service to start on March 17
Faster interbank transfer service to start on March 17
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
Cough , Haze
Hopefully some heavy rain come and clear away the haze and please let me stop coughing like mad. It is really unbearable.
- wong chee tat :)
- wong chee tat :)
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