Date
24 September 2017

CIRC to trial reverse mortgage in four cities, paper says

China’s insurance regulator has completed a draft proposal on a reverse mortgage scheme that allows seniors to better support themselves after retirement, Shanghai Securities News reported Thursday. The China Insurance Regulatory Commission will release the document for public consultation and expects to launch a two-year trial scheme in Beijing, Shanghai, Guangzhou and Wuhan, the report said. The proposal allows people aged 60 and over to use self-occupied residential property as a security for loans from participating financial institutions.

– Contact HKEJ at [email protected]

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