Bangkok – On Monday, the Government Savings Bank launched a reverse mortgage program, “Home for Life,” for people over 60 years of age.
Chief Executive Officer and President of Government Savings Bank, Chatchai Payuhanaveechai, said the Home for Life program offers a reverse mortgage to senior citizens seeking to take out a loan.
A reverse mortgage is a mortgage, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. It allows the borrower to convert their home equity into cash with no monthly mortgage payments.
Under the scheme, citizens 60 years old and above can borrow from their home’s equity until they turn 85 which is when the bank stops making payments, but the borrower still retains full ownership of the property until they die. Heirs have the option of settling the loan balance should they want to keep the property.