HDB Lease Buyback vs reverse mortgage?

I refer to the article “The safer way to release equity” (The Daily Telegraph, Jun 2).

It states that “Always ask for a lifetime mortgage. You keep ownership and deeds to your home.”

Let us try do a comparison with the HDB Lease Buyback scheme.

Comment: HDB’s is for a fixed lease like 30 years, instead of as long as you live.

“Always ask for an Equity Release Council approved plan. One major benefit is the No Negative Equity Guarantee.”

Comment: HDB’s is “no equity” for the owner(s), instead of a guarantee that there will never be “negative equity”.

“Discuss the options to protect your equity.”

Comment: HDB’s does not enable you to pass on any remaining equity on death to beneficiaries.

“Keep your options open with the ability to make payments.”

Comment: HDB’s pay you a fixed monthly annuity for life, instead of the option to receive less or nothing during periods when the owner (s) do not need the full monthly annuity payout.

“Gather information, then get advice.”

Comment: HDB’s advice is by the HDB, instead of independent specialist advice.

What do you think of the HDB’s Lease Buyback scheme?

How does it compare with other reverse mortgage schemes in the world – especially from the perspective of the owner(s)?

 

Leong Sze Hian

 

 

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4 Responses to “HDB Lease Buyback vs reverse mortgage?”

  • PAP has the mandate:

    Who cares about Stinkapore’s 99 years leasehold properties…hahhahahah

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  • LIONS:

    these are all gimmicks to placate the jobless n needy sgs among us.
    the responsibilty of a good govt is to ensure as much job security as possible.
    in SG’ s case,it is obvious the G is doing the exact OPPOSITE with its DAFT ANTI-SGS FT POLICY that is being implemented recklessly.

    fake talents with fake degrees to replace genuine local grads is really a NATIONAL DISGRACE TO OUR LOCAL TOP=RANKED UNIVERSITIES.

    WE MIGHT AS WELL SHUT THEM DOWN!!!

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  • PRC Houses only 70yrs Lease:

    On this March 15th during the 12th National Congress China Premier Li Keqiang said… Leases will be topped up and renewed, automatically, unconditionally .. without prior owners’ application
    In PRC residential houses only 70 years lease, some even much lesser, counting from developer acquires the land, not from TOP.

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  • One Off Solution:

    Suggest Government give back to all HDB fully paid owners one off sum for the land costs to their CPF account eg $200K
    This will solve many of the asset rich cash poor elderly problem.
    They don’t have the cash to cope with the high costs of living and medical costs now.

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