Reverse mortgages might be making their way to the Caribbean.
A demand among older homeowners interested in the home equity loans have initiated talks between the Barbados Association of Retired Persons (BARP), the Barbadian government and the Ministry of Finance, reports Nation News.
If all goes well, the article reports the island could see reverse mortgages reach their shores as early as this year.
Nation News reports:
President Ed Bushell told the Barbados Business Authority that, based on the lobbying efforts of his association, along with a push by other sections of society, a law allowing this financial leverage could soon become a reality.
“We’ve received a lot of calls from our membership who are interested in reverse mortgages, some of whom are looking at it for various reasons, but some really desperately need cash,” Bushell said.
He said moves were being made toward implementing the necessary supporting legislation. While acknowledging that progress could be slowed by the ongoing electoral campaign, Bushell said he was assured that any administration victorious at the polls would favor introduction of the necessary law.
Written by Jason Oliva