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Reverse Mortgage Post Closing Activities
Alan Carlow -
The 2010 July/August Issue is now available online!
July/August 2010 -
Surviving in the Reverse Mortgage Industry
Todd Walters -
Creating an Endless Resource of Referrals
Sam Collins -
Reverse Mortgages: A Compelling Product For Forward Originators Seeking New Business
Robert D. Yeary -
Reverse Mortgage Post Closing Activities
Alan Carlow -
The 2010 July/August Issue is now available online!
July/August 2010
Taiwan Announces Commitment to Reverse Mortgages for the Second Half of 2010
Monday, 08 March 2010 17:20
The Taiwanese government announced over the weekend that it will work out a feasibility and implementation plan for a home equity release program for senior citizens in the second half of 2010.
Minister of the Interior Jiang Yi-huah explained that the plan will be created through a collaboration by the MOI and the Financial Supervisory Commission, according to Jiang.
Taiwan considers a home equity release program to be an essential component to retirement security among the elderly.
2011 will act as a trial period for the program, with "house rich, cash poor" senior citizens being the main targets.
As such, two models will be made available:
A reverse mortgage that allows a homeowner to defer the obligation to repay the loan until he dies or leaves, or the home is sold and a sale-and-leaseback, which requires that a homeowner sell the property. However, the original homeowners can pay a small rent to remain in the house.
CEPD officials are confident that the equity release program will be very helpful to senior citizens who live in poverty but remain ineligible for the allowance to low-income households because they own real estate.
