No word on Lease Buyback Scheme

The Housing and Development Board’s website, dated March 2, stated that it would take a few months to announce the details of the enhanced Lease Buyback Scheme.

This is a scheme to help low-income elderly households in three-room and smaller flats turn part of their housing equity into an income stream to help in retirement while they continue to live in their homes. The enhanced scheme will add S$10,000 to the current S$5,000 initial cash payout.

My parents applied in March and were told twice that the payout would come by early July. We made plans to pay urgent outstanding bills and creditors. Now, we are told by HDB officers that the plans are still not finalised.

When will the scheme take effect? If it is to be delayed, can applicants use the existing scheme instead?
From Koh Keng Soon

Source : Today – 2012 Jul 13


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