Heard of Reverse Mortgages?
Most of us would know how a mortgage works:<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Now, here is how a reverse mortgage works in brief.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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:<\/p>\n\n\n\n
1. Who offers a reverse mortgage in Malaysia?
2. Is it suitable for you?
3. How to make best use of it?<\/p>\n\n\n\n
Here, I would personally be addressing them by:<\/p>\n\n\n\n
– 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.<\/p>\n\n\n\n\n\n\n
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