Effective from 15 January 2024, enquiries and submission of application for Skim Saraan Bercagar (SSB/SSB-i) can be made through the Agensi Kaunseling & Pengurusan Kredit (AKPK) headquarters in Kuala Lumpur and branches in Penang, Ipoh, Melaka and Johor Bahru.
Senior home owners can now generate cash during retirement by taking out a reverse mortgage.
Skim Saraan Bercagar or Reverse Mortgage (“RM”) is a type of loan that is targeted for the elderly or retirees who own a home, and allows them to convert their one big asset — their residential property — into a fixed monthly income stream throughout their lifetime, without sacrificing ownership whilst continuing to stay in their home.
Fixed monthly payouts throughout the entire life of the borrower or joint borrower.
Repayment only due when borrower or joint borrower passes away, whichever later.
Borrower and joint borrower can continue to stay in their property throughout their life.
Borrower’s estate will not be responsible for any shortfall to settle the Skim Saraan Bercagar Loan if the sale proceeds of the property is less than the outstanding loan amount.
To qualify for a Skim Saraan Bercagar Loan, the person must be at least 55 years of age and own a home.
*** For joint RM Loan, not only confined to the partner but includes parent, sibling or child, subject to age limit.
The amount of payout that a Borrower receives will largely depend on the Borrower’s age and property value, location and type.
Use our reverse mortgage calculator to estimate the monthly payout amount. A one-time lump sum payout together with monthly cash disbursements is also available. Learn more about the lump sum and costs here.
We make the application process for Skim Saraan Bercagar (SSB) as simple as possible. Follow these steps below and you’re on your way to a Skim Saraan Bercagar Loan!
Walk-in to any of the EPF / AKPK Designated Branches below:
Take a pre-assessment test to determine your eligibility
Make an appointment with AKPK's Financial Advisor
Complete the reverse mortgage financial advisory module with AKPK
Submit your application to Cagamas/AKPK. Online Application is now available.
Have a question about Skim Saraan Bercagar (SSB) Reverse Mortgage? Find the answers about Skim Saraan Bercagar Loan, eligibility, costs and more, here in our FAQs
In this situation, the standard loan termination process will take place. Below are the options available to the next-of-kin.
Settle the outstanding Skim Saraan Bercagar Loan
The outstanding amount will depend on the loan tenure. After settling the outstanding amount, the property will be passed back to the next-of-kin.
Not settle the Skim Saraan Bercagar Loan
If the next-of-kin chooses to not settle the loan, Cagamas will proceed to dispose the property and settle the outstanding loan. Any balance in the sale proceeds of the property, after subtracting the loan amount, will be passed on to the borrower’s estate.
Borrower may surrender or terminate the agreement by settling or paying off the outstanding loan amount accumulated until that point of time.
No, the surviving joint-borrower would be able to reside in the property until death.
We’re here to answer your questions and guide you through the Skim Saraan Bercagar Loan process.
Established in 1986 to promote the broader spread of home ownership and growth of the secondary mortgage market in Malaysia.
