More help for seniors to monetise their flats

More help for seniors to monetise their flats

SINGAPORE - The Housing Board is stepping up efforts to help the elderly understand the various monetisation options available to them, including the two schemes which were tweaked on Thursday following public feedback.

It will mail out brochures on the Silver Housing Bonus and the Lease Buyback Scheme, and hold financial counselling sessions at its branch offices for those who want to know more. A video will also be produced, to be broadcast in locations frequented by seniors, such as polyclinics.

Elderly flat owners who could benefit from the revised schemes said the changes would make them redo their sums, although they would not be too hasty in deciding as they wanted to understand the schemes better.

Both schemes, which target those earning $3,000 and below, will now require home owners to put less of their flat's sale proceeds into their Central Provident Fund (CPF) accounts, and will give out more cash upfront.

It is hoped that this will enable more Singaporeans like Mr Teo Kim Siang to take advantage of the schemes.

The 63-year-old security guard has been living alone in his three-room Hougang flat for the past 25 years since his mother died. He is now applying for the Lease Buyback Scheme, which allows him to continue living in his flat for another 30 years, and get the remainder of his flat's lease purchased at market rate by the Government.

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