Cagamas Bhd, the Malaysian national mortgage corporation, has introduced a reverse mortgage scheme to help the elderly fund their retirement by using their home as collateral for a loan.
The scheme allows retirees aged 55 and above to borrow against the value of their fully paid homes and convert it into a steady monthly cash payout throughout their lifetime to supplement their retirement funds, while continuing to stay in their homes.
The main benefits are you will receive monthly cash flow, initial lump sum and get to stay in the property until you pass away.
For more details, read here and here. Use this calculator to compute how much monthly cash flow you will receive (which is based on the property value and your age).
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