Reverse Mortgage
Use the reverse mortgage calculator below to know your indicative monthly payout amount.
Please note that this is only a general estimate and Borrowers should not rely on this when making a loan decision.
Monthly Payout & Lump Sum Amount
How do we determine the monthly payout?
Payout amount of the loan depends on
- Borrower’s age.
- In a joint Skim Saraan Bercagar Loan, the age of the youngest borrower will be used.
- Property value, location and type.
How to get a higher payout amount?
- The older the age of the borrower, the higher the monthly payout amount.
- The higher the property value, the higher the monthly payout amount.
Cost
Want to understand more about the costs related to Skim Saraan Bercagar (SSB)? Learn more about it below.
The interest rate is fixed at 5.25%* per annum effective on 17 May 2022.
*may vary from time to time
A fixed amount which will be disbursed to the borrower every month. Refer to our reverse mortgage calculator to find an estimated amount based on your age and property value.
As a borrower, you will have to absorb certain initial expenses such as property valuation, legal fees and/or fire insurance coverage of the charged property. These expenses can be financed in the Skim Saraan Bercagar Loan.
A one-time lump sum payout together with monthly cash disbursements is available and the maximum amount would be assessed upon application.
Withdrawal of the lump sum is limited to only the following usage:
(1) payment for medical expenses,
(2) settle any outstanding mortgage loan on the property to be charged under the SSB Loan and
(3) refurbishment and maintenance expenses to upkeep the property.
Withdrawal of the lump sum is limited to only the following usage (1) payment for medical expenses, (2) settle any outstanding mortgage loan on the property to be charged under the SSB Loan and (3) refurbishment and maintenance expenses to upkeep the property
Want to learn more about Skim Saraan Bercagar (SSB) Skim Saraan Bercagar Loan?
