Skip Ribbon Commands
Skip to main content

 

 

Combination of CPF LIFE and Home Equity Income Loan by DBS results in an attractive reverse mortgage product – a first in Singapore<ol><li>CPFB welcomes the launch of the Home Equity Income Loan (EIL) by DBS which will provide private property owners, who wish to age in place, an option to unlock their housing equity and receive higher retirement payouts for life.</li> <br> <li>The Government has introduced housing monetisation options such as the Lease Buyback Scheme (LBS) to help CPF members with HDB flats who wish to age in place to supplement their retirement income. In addition to a cash bonus, the LBS enables these members to join CPF LIFE so they can enjoy lifelong monthly payouts.</li> <br> <li>With DBS’ EIL, private property owners will now also be able to unlock the value of their property. A key feature of EIL is that the loan amount will be used for CPF LIFE premiums which earns a higher interest rate (currently 4% per annum). The combination of EIL and CPF LIFE is therefore an attractive reverse mortgage product, a first in Singapore.</li> <br> <li>We look forward to seeing other banks launch similar loans to complement the housing monetisation options offered by the Government to HDB flat owners so that more CPF members can enjoy the benefits of CPF LIFE and have a secure retirement. As with all important financial decisions, CPF members should understand the nature of the product, and assess their risk tolerance and retirement needs before deciding if it is appropriate for them.</li> </ol><br>Combination of CPF LIFE and Home Equity Income Loan by DBS results in an attractive reverse mortgage product – a first in SingaporeTrueTrue

 

 

Combination of CPF LIFE and Home Equity Income Loan by DBS results in an attractive reverse mortgage product – a first in Singapore<ol><li>CPFB welcomes the launch of the Home Equity Income Loan (EIL) by DBS which will provide private property owners, who wish to age in place, an option to unlock their housing equity and receive higher retirement payouts for life.</li> <br> <li>The Government has introduced housing monetisation options such as the Lease Buyback Scheme (LBS) to help CPF members with HDB flats who wish to age in place to supplement their retirement income. In addition to a cash bonus, the LBS enables these members to join CPF LIFE so they can enjoy lifelong monthly payouts.</li> <br> <li>With DBS’ EIL, private property owners will now also be able to unlock the value of their property. A key feature of EIL is that the loan amount will be used for CPF LIFE premiums which earns a higher interest rate (currently 4% per annum). The combination of EIL and CPF LIFE is therefore an attractive reverse mortgage product, a first in Singapore.</li> <br> <li>We look forward to seeing other banks launch similar loans to complement the housing monetisation options offered by the Government to HDB flat owners so that more CPF members can enjoy the benefits of CPF LIFE and have a secure retirement. As with all important financial decisions, CPF members should understand the nature of the product, and assess their risk tolerance and retirement needs before deciding if it is appropriate for them.</li> </ol><br>Combination of CPF LIFE and Home Equity Income Loan by DBS results in an attractive reverse mortgage product – a first in Singapore16/8/2021 4:00:00 AMhttps://null/common/Lists/News/DispForm.aspx?ID=2896

Your session will be terminated soon. Click 'OK' to continue or 'Cancel' to Logout.

 

Your screen width is too small to display

Please adjust the width of your browser or use a desktop machine for a better web experience.

Thank you.