The ROC (Republic of China) government has approved a trial reverse mortgage program for Taiwan that will help provide older citizens with greater financial security, according to a Taiwan Today report following an announcement by Taiwan’s Ministry of the Interior on Tuesday.
“The experimental program will be open to people 65 years of age or older, single without an heir, who possess real estate whose value disqualifies them for help under the Public Assistance Act,” the MOI said.Any person who has more than NT$5.5 million (US$183,333) will not qualify, while in some areas the cap is lower.
The country’s Land Bank will work with the government on the trial program, according to the MOI. “The amount paid out every month to the homeowner will be calculated according to the value of the assets, and payments could continue for up to 30 years,” it explained.
The trail program will run first in Kaohsiung, New Taipei and Taipei, with the option to expand for others interested, the Taiwan Today article says.
Read the article on Taiwan Today.
Written by Elizabeth Ecker