Saturday, July 25, 2009

Couple sue NTUC on their Reverse Mortgage

Reverse mortgage scheme suit
By Jessica Cheam
source: Straits Times July 27, 2009

REVERSE mortgages - launched with much fanfare over a decade ago to help retirees unlock the cash value of their homes - will, for the first time, be at the centre of an upcoming court case.

Mr Derek Chua, 72, and his wife Madam Colleen Ng, 57, have filed a suit against insurer NTUC Income after their reverse mortgage went sour.

In the writ of summons obtained by The Straits Times, the couple claim that the reverse mortgage scheme entitled Mr Chua to live in the property until he died or sold the property.

a blog on: Financial Planning Advice - Christopher Pua

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