Heard of Reverse Mortgages?
Most of us would know how a mortgage works:
1. Owner borrows from a bank to buy a home.
2. Home is collateral to the bank.
3. Bank lends money to the owner to help buy the home.
4. Owner pays mortgage instalments to the bank.
Now, here is how a reverse mortgage works in brief.
1. Owner has a fully-paid home.
2. Owner pledges his home to a bank as collateral.
3. Bank lends money to the owner monthly for his entire life.
4. Upon the owner’s death, the bank sells the property to recoup capital.
Such is offered as a way for owners to receive regular cash flow from their fully paid home for life. However, the questions to be considered are:
1. Who offers a reverse mortgage in Malaysia?
2. Is it suitable for you?
3. How to make best use of it?
Here, I would personally be addressing them by:
– Explaining the concept of reverse mortgage in greater detail.
– Calculate how much cash flow one can receive on a monthly basis.
– Financial impact to your finances upon having a reverse mortgage.
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