Mitsui Trust to offer reverse mortgage loans from March
I found this article about regarding how reverse mortgage will be offered in Japan. This shows that the reverse mortgage solution is a product
that can greatly benefit seniors nationwide and even worldwide.
Wednesday, January 12, 2005 at 05:10 JST
TOKYO — Mitsui Trust Holdings Inc said Tuesday its banking unit Chuo Mitsui Trust & Banking Co will start offering reverse mortgage loans in March to senior citizens in eight prefectures including Tokyo and Osaka, against increased needs for them to secure funds.
The reverse mortgage is a loan extended to the elderly with their home used as collateral. The Mitsui loan borrowers can repay their debts by selling their home when they turn 80 or switch to a whole life insurance scheme at that point, according to the holding company.
Source: (Kyodo News)
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