Option for Lumpsum Payout

Submitted by webmin on Wed, 10/12/2022 - 16:08
  • A one-time lumpsum together with a monthly payout is available upfront and the maximum amount would be assessed upon application.
  • The usage of the lumpsum payout is limited to the followings:
    (1) payment for medical expenses;
    (2) settlement any outstanding mortgage on the property to be charged under the SSB-i Financing ; and 
    (3) refurbishment and maintenance expenses to upkeep the property
  • Only one time withdrawal is allowed at inception

Initial Expenses

Submitted by webmin on Wed, 10/12/2022 - 16:07
  • Payable to the third party for the initial cost to be incurred such as property valuation, legal fee, stamp duty, and/or fire and home takaful/fire insurance coverage of the  property including any counselling, administrative, brokerage fee to third party, if any. 
  • Such  initial cost can be financed in the SSB-i Financing

One Time Facility Fee

Submitted by webmin on Wed, 10/12/2022 - 16:06
  • Payable to the facility provider for the arrangement and services as follows:
    • represent the customer in negotiations and dealings with third parties;
    • provide advance to the customer for the Initial Expenses, if any;
    • disbursement of cash proceeds via monthly payouts on monthly basis; 
    • no recourse to the estate for any shortfall of the SSB-i outstanding amount 
  • Currently, the fee is based on 1.75% from the property’s current market value
  • The fee can be added into the SSB-i Financing 

SSB-i Financing Rate

Submitted by webmin on Wed, 10/12/2022 - 16:05
  • Ceiling Profit Rate is the maximum profit rate that to be charged to the customer throughout the tenure
  • Effective Profit Rates is the actual profit rate to be charged to the customer which varied on monthly basis
Subscribe to

Thoughts?
Let Us Know
Here

Use our
Reverse Mortgage
Calculator

icon-hand.png
icon-blue-font.svg
M
L
XL
XXL