Reverse Mortgage helpInversion of mortgage assistance
For many Americans who are not prepared to retire physically, a reverse mortgage can help leverage your capital and transform your financial situation.... | Mortgage Broker
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The Chinese want to introduce reverse mortgage to help pensioners.
The China Banking and Insurance Regulatory Commission's action will help older adults to comfortably spend their golden years. Because of the world's most rapidly growing old populations and a deficient retirement system, China has turned to reverse mortgage policies to help its pensioners. Beyond large towns like Beijing and Shanghai, the country's property markets are moribund as property prices have been rising for years and home ownership is inaccessible to most as well.
Shenzen, the south of the country with an officially 12.5 million inhabitants and more than 4 million residential apartments, had only 12,804 new owners in the first half of 2018. Only 2,500 were actually resold in the seaside town of Xiamen with a total of 4 million inhabitants. China is also facing an imminent pensions crunch.
Government retirement schemes face large and increasing deficits, totaling nearly USD 100 billion. For many, China's retirement system is still miserably small. Therefore, under these circumstances, it is very useful to reverse mortgages that older people are offering credit in order to take out home loan facilities. $175,328 in home capital, a pensioner in China will have an expected 15 years in advance.
So as the tiers of China's older people are growing and the care for them becomes more expensive, then, reverse mortgage could certainly provide a valid answer to the issue. Also, it would make sense to restrict the disbursement of a reverse mortgage in the near term and to allow the sale of houses after the mortgage borrower's deaths.