GH Bank Launches Reverse Mortgage Scheme for Seniors
Government Housing Bank (GH Bank) has introduced a reverse mortgage program allowing individuals aged 60 to 80 to convert home equity into monthly income.
According to Prachachat Business, the Government Housing Bank (GH Bank) has officially launched a new reverse mortgage product designed to support Thailand’s aging society. The scheme allows homeowners between the ages of 60 and 80 to use their residential property as collateral to receive monthly cash payments, effectively turning home equity into a source of living expenses.
Dr. Mahatthana Ampornphisit, Managing Director of GH Bank, stated that the initiative aims to provide financial stability for elderly citizens. The program offers a maximum loan limit of 10 million baht. This development is significant for residents and long-term expatriates who own property in Thailand, as it introduces a new financial instrument for retirement planning and liquidity management in one's later years.
While the program is now active, potential applicants should note that specific terms and conditions regarding interest rates, property appraisal requirements, and eligibility criteria for non-Thai citizens remain subject to the bank's internal policies. Interested parties are advised to consult directly with GH Bank branches to confirm whether they meet the necessary requirements for participation. As this is a specialized financial product, individuals should conduct their own due diligence or seek professional financial advice before committing to a mortgage agreement.
