I SHARE the same plight as Mr Ray Wong Fei Mun ("Reverse mortgages can help cash-poor"; Tuesday).
National Development Minister Khaw Boon Wan has said that he would have to study the issue carefully, given that a reverse mortgage is a complex financial product ("Reverse mortgage not a popular option, but will be further studied"; Oct 9, 2014).
I am a pioneer and a retired civil servant and have lived in my home for 25 years.
My cash ran out 10 years after my retirement, so I went back to work at the age of 63. I do not have cash to go on holidays, buy nicer clothes, or have meals at restaurants. Some of my friends have also found that their retirement funds have run out.
Why not downgrade my home and get some cash in return? The main reason is that when you have lived in the same home for 25 years, moving out is not easy. Also, as you grow older, it gets harder to move homes.
Like Mr Wong, I, too, hope the minister can provide us with a good solution soon.
Lee Teck Har
National Development Minister Khaw Boon Wan has said that he would have to study the issue carefully, given that a reverse mortgage is a complex financial product ("Reverse mortgage not a popular option, but will be further studied"; Oct 9, 2014).
I am a pioneer and a retired civil servant and have lived in my home for 25 years.
My cash ran out 10 years after my retirement, so I went back to work at the age of 63. I do not have cash to go on holidays, buy nicer clothes, or have meals at restaurants. Some of my friends have also found that their retirement funds have run out.
Why not downgrade my home and get some cash in return? The main reason is that when you have lived in the same home for 25 years, moving out is not easy. Also, as you grow older, it gets harder to move homes.
Like Mr Wong, I, too, hope the minister can provide us with a good solution soon.
Lee Teck Har
