Date: Mar 16, 2019
By: Kao Shih-ching / Staff reporter
A reverse mortgage program for older homeowners is becoming more popular in Taiwan, as the number of applications and lending amounts continue to grow, the Financial Supervisory Commission said on Thursday.
Reverse mortgages allow older homeowners to borrow money against the value of their home without having to move out, with qualified applicants needing to be older than 60, according to most banks’ regulations.
The number of applications to 13 local banks reached 3,186 as of the end of last month, a 38 percent increase from 2,309 a year earlier, commission data showed.
The amount of lending also grew from NT$12.5 billion (US$404.69 million) a year earlier to NT$17.7 billion as of the end of last month, the data showed. [FULL STORY]