Monday, January 10, 2022

How to get a monthly income from your property

 Someone asked me about "reverse mortgage". He has a fully paid property and wish to use it to provide an monthly income to meet his living expenses (and for his spouse) for the rest of their life.

I offer this suggestion.
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4 comments:

Anonymous said...

I would sell my fully paid house when I am old.
Half of the cash would be divided to my 2 children.
The other half would be used for living expenses including renting a spacious one level landed house in Seletar
or Changi with 2 live-in maids.🙏
I know my house would not end up like 38 Oxley?🙏 My 2 children are not on talking terms🙏.

January 10, 2022 3:34 PM
Anonymous said...

Do t be stupid. Give the money to your kids only after u have immigrated. U can use the money to get a stay in mistress to serve u too

January 11, 2022 6:39 AM
Anonymous said...

This one I heard from an agent friend. Not very sure if it is true.
This single person has been living with her parents and is in her mid-thirties.
She decided to buy a place of her own.
She told the agent it was her first property as owner.
The agent told her she can use 5% cash, 15% from CPF as a deposit (before the new rules) and the rest from loans. She is drawing an income of $17K. She has her name as a borrower in her parents home but not as an owner( old rules can). Her parents needed to remortgage the house for financial reasons( younger brother going to top uni overseas) so as to prolong the years in repayment. They were only using her name, but she did not pay a single cent or use her CPF for the loan.
Unbeknown to her when she applied for the loan after the 1% cash deposit, the bank told her that she can only get a 45% loan and that all the rest had to be in cash and CPF. She forfeited her 1%. Said agent from ERA.

January 11, 2022 2:48 PM
Anonymous said...

PM Lee Hsein Loong had a long public fight with his siblings not to earn money from his father's house. Demolished can but cannot rebuild into many units to sell and make big fat money. It no good to hear that his brother wife and sister are developers. When you public figure a lot of things cannot do. This type of job no good one. Your life belong to the people.

January 14, 2022 4:37 AM

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