The Ministry of Finance is coming up with a new program to help Thai aged citizens to live happy life without bothering their children in expectation of the projected rise in the number of elderly citizens in the country.
Fiscal Policy Office director Krissada Jinawijarana revealed that under the direction of Deputy Prime Minister Somkid Jatusriphitak, the Ministry of Finance has been assigned to study a home mortgage plan for elderly citizens.
Under the plan, elderly citizens aged 60 years and above will be allowed to put their house up for refinancing with the Government Savings Bank and the Government Housing Bank.
The main criteria being only homes not currently under mortgage can be used as collateral for loan applications.
The idea is that elderly citizens will then receive monthly stipends of their loans until the day they die so that they will not be a burden to their children.
One important provision is that the children of these deceased persons are given the right to buy back their parent’s homes should they desire at the original appraisal value.
In event that the deceased has no known offspring, the asset will then revert to the banks who will put the houses up for public sale.
He said officials from the banks are involved in discussions with insurance companies to work out the details before the plan is handed over to the cabinet for final approval.