China Reverse Mortgage - The Book
Reverse Mortgage is still a fairly new mortgage concept in China. Although reverse mortgage is quite popular in the United States and parts of Europe, the concept is still relatively new in China. The book, China Reverse Mortgage was written to throw more light and understanding on reverse mortgages, its origin, its peculiar forms and nature in China and the laws governing it. The book will serve as guide to mortgage practitioners, educators and those who wish to take up reverse mortgage loans.
Reverse Mortgage is a special type of mortgage loan designed for senior citizens above 62 years of age. It reverses the equity on their homes and offers them an opportunity to earn a steady income. With a reverse mortgage loan, qualified older people can cover the cost of home innovations, health, vacation and generally improve their standard of living. The loans can be in a one time lump sum, fixed monthly income, open line of credit or a combination of payment plans. To qualify for a reverse mortgage the applicant needs to have a house of their own and reside in the house. The mortgage loan is only repaid after the beneficiary moves out of the house or the house is sold.
The book, China Reverse Mortgages was written by financial and mortgage expert Dr. Yan Cheng. The book covers all the aspects of reverse mortgage as it affects China. China has recently continued to show increasing interest in reverse mortgage and experts believe that with over 20% of their population aged over 60, the country is indeed ready.
The Government of China believes that reverse mortgage could benefit the older population to access much needed funds and better take care of their needs. For this reason some of the regional government has been taking steps to promote reverse mortgages among its citizens. For example the Government of Shanghai, China has been promoting reverse mortgages and a number of loans have even been given. The book, China Reverse Mortgages is indeed very valuable and is already being welcomed by experts and many others.