Isn't This a Reverse Mortgage?

[Randy W]

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Elderly told to use homes as collateral

 

 

Elderly people in the country are encouraged to use their property as collateral for a loan from banks, in an effort to give a boost to their existing pension, the State Council, China's cabinet, said in a latest circular.

. . .

The country's rapid increase in population aged over 60, from 194 million by the end of 2012 to 300 million in 2025, has put huge pressure on the pension system, it added.

. . .
The major way of conducting this is that after the elderly mortgage their properties, they get money from financial institutions, which will take the properties' ownership after the elderly pass away.

 

. . .

 

Some 70 percent among 100 senior citizens in a poll by the Guangzhou Daily Saturday said they will not be part of the project.

A senior resident was quoted as saying that her children would not agree and she would like to leave it to her children.

 

 

[tsap seui]

I get that crap in the mail all the time. Heck, they even have "the Fonz" Henry WInkler, and that movie guy turned politician, Fred Somebody, pushing that crap on TV. Any language you put it in, or write it in little houses and Christmas trees.... it's a reverse mortgage. Good on the 70% of Chinese surveyed that say "no" to giving your home and land to fleecers....I mean...bankers.

 

tsap seui