For the senior citizens in Singapore, owning a fully paid up HDB can come in handy to provide for living expenses due to several government schemes. They are the silver housing bonus and enhanced lease buyback scheme. Another scheme which the government is studying is the reverse mortgage scheme. These schemes help to solve one of the problems for Singaporeans which is asset rich but cash poor.
1. Silver Housing Bonus (Only for ages above 55)
By selling their HDB and downsizing to a smaller flat, studio apartment or to stay with family, they will enjoy a $20,000 Silver Housing Bonus in cash provided they join CPF Life.
2. Enhanced Lease Buyback Scheme (Only for ages above 63 and 3 room or smaller flats)
The household sells part of the flat’s lease to HDB and retains a 30 year lease and use the net proceeds to top up ...
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