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GSB offers ‘reverse mortgages’ to elderly customers
NationalNov 04. 2020
By THE NATION
The Government Savings Bank (GSB) has made “reverse mortgages” available to the elderly, aiming to provide a sustainable source of income to these homeowners, the bank announced on Wednesday.
A reverse mortgage allows homeowners to convert their residence into cash. Instead of making monthly mortgage payments, they will gradually receive the loan amount in instalments over a long period of time until they die or until the approved loan is fully exhausted.
If they die, their heirs will have the option of paying back the loan including interest to reclaim the home or of simply stepping aside for the GSB to go ahead with foreclosure.
Such banking services promise elderly homeowners not just cash for their daily expenses but also a roof over their heads, the bank said.
“Eligible customers must be Thai nationals 60 years or over but not exceeding 80, and must not have been declared incompetent by a court,” the bank said.
“They can apply for a loan of up to Bt10 million with a maximum 25 years repayment plan. The chosen plan must not exceed 85 years when combined with the applicant’s age.”
Borrowers can use their house, apartment or land with a building as collateral. The property must have an estimated value of more than Bt1.5 million. The bank will consider granting a loan of up to 70 per cent of the estimated value.
Interested applicants can apply for the reverse mortgage loan at a GSB branch in the province/district where the property is located. For more information, contact call centre 1115.
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