The Reverse Mortgage Programme has been extended to subsidised sale flats with unpaid land premium, the Mortgage Corporation announced today.
The subsidised sale flats covered are those under the Home Ownership Scheme, Private Sector Participation Scheme, Tenants Purchase Scheme and Green Form Subsidised Home Ownership Pilot Scheme of the Housing Authority.
The Flat-For-Sale Scheme, Sandwich Class Housing Scheme and Subsidised Sale Flats Projects of the Housing Society are also included in the extension.
The appraised property value is determined as the open market value minus the applicable land premium.
Owners of subsidised sale flats with unpaid land premium who are interested in applying for the programme should be aged 60 or above. They can contact participating banks direct.
The corporation said it has already approved two applications on the first day of launch.
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