What is a reverse mortgage? Special offers for pilot launch Cagamas has announced that for the pilot launch of the SSB, loans will be offered at a fixed rate financing of 5% per annum on the outstanding loan amount and a one-time upfront recourse waiver fee of 1.
They will need to discontinue the SSB loan and settle the outstanding loan amount, if necessary through the sale of the mortgaged property.
However, it must be due to medical or health conditions with proof of medical certification.
A SSB loan is made by Cagamas on a without recourse basis.
How much loan can be obtained? If either of the above criteria is not satisfied, the borrower may have to renew the lease to be eligible.
Q: How do I make contributions? The SSB loan will not be terminated by Cagamas under specified circumstances if the borrower moves out of the mortgaged property during the tenure of the SSB loan.
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