SSB by Cagamas (an associate company of BNM) is a reverse mortgage loan for retired home owners. Through reverse mortgage, cash is generated during retirement without sacrificing home ownership. This allows you to continue staying in your family home without repayment during your lifetime. Retired home owners can use the monthly payout amount for any purpose, such as medical-related expenses and other necessities to make their retirement years more comfortable.
The reverse mortgage loan only requires settlement upon the demise of the borrower or joint borrower, whichever occurs later. No repayment is required during their lifetime and the property will only be sold to settle any outstanding loan amount upon the demise of the borrower or last surviving joint borrower. Any residual balance from that will go towards your estate.
Benefits of SSB’s Reverse Mortgage
Why should you consider SSB?
How It Works
Skim Saraan Bercagar (SSB) is a reverse mortgage loan. It allows retired home owners to convert a residential property asset into a fixed source of monthly income throughout their retirement years. Home ownership is retained, allowing them to stay in their home throughout the tenure of the loan.
Loan Repayment
Eligibility
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The above article is an extract of information available from Cagamas website (https://ssb.cagamas.com.my)
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