BEIJING, June 23 : China will allow retirees to take out bank loans against their homes to pay for their living expenses under a pilot programme in four cities, the Chinese insurance regulator said on Monday. The programme is the latest government effort to help Chinese citizens aged 60 and above. The city governments in Beijing, Shanghai, Guangzhou and Wuhan will start a two-year experiment from July 1, the China Insurance Regulatory Commission said in an online statement. Reverse mortgages, which are common in developed countries but new in China, are extended to older citizens who use their homes as collateral to receive regular payments from insurers. — Reuters
China to start reverse mortgage pilot programme for senior citizens
FE Team | Published: June 24, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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