PAP Victor Lye say Singaporean unrealistic, must accept lower life quality

[ZombieFart]

Reverse mortgage

I think there is a difference.

Lease-Buyback scheme is actually Sale-Leaseback. The flat is sold and then leased back for next 30 years. HDB keeps the flat but promises to let you use it for the agreed period. Whether price escalates or crashes, it will not affect you.

Reverse Mortgage is actually a loan with a pledge on your flat.

 

[wwabbit]

A major stumbling block for owners of HDB flats is that they cannot take out a fresh mortgage on their flat despite it being fully paid up. This is known as getting equity from a property. Most families in dire need of cash would prefer this route, which banks call "leveraging up", and essentially involves pledging a property as collateral for a loan. So, even if the person who took out the loan dies, the property can be sold, the bank paid off, and the remaining proceeds go to the heirs (i.e., usually the children). With increasing numbers of elderly without any source of income, the govt may have to look at allowing this for HDB flats.

You mean a home equity loan. I don't think you can take a home equity loan without a source of income though.

 

[virus]

swiss standard of living for singaporeans... eh.. 6.9 million whoever.

CONFIRMED affordable... just borrow 98 years loan.

http://futurehdb.files.wordpress.com/2010/04/caged-homes.jpg

 

[ChaoPappyPoodle]

That's all the couple have - a 3-room flat - and the government wants to take that from them.

Does the cost of living need to be that high? No. It was the doing of the government by letting in almost 2 million aliens. Cost of living went awry as a consequence.

And the PAPpy attitude is that you are on your own ...we messed up, you bear the consequences. It is a matter of time before the lynching mob goes after these morons.

Land costs is the biggest factor in the high cost of living in Singapore. It affects home purchases and business rental. The PAPzis linked HDB homes to private estates and this started an upward trend that got worse with influx of FTs. I surmise that up to 70% of our Reserves are accumulated through HDB home purchases where each first time home buyer pays many times over the cost of building their home.

 

[batman1]

A major stumbling block for owners of HDB flats is that they cannot take out a fresh mortgage on their flat despite it being fully paid up. This is known as getting equity from a property. Most families in dire need of cash would prefer this route, which banks call "leveraging up", and essentially involves pledging a property as collateral for a loan. So, even if the person who took out the loan dies, the property can be sold, the bank paid off, and the remaining proceeds go to the heirs (i.e., usually the children). With increasing numbers of elderly without any source of income, the govt may have to look at allowing this for HDB flats.

Scrap the CPF Minimum Sum Scheme or CPF-Life Scheme which defer your CPF Withdrawal Date from 55 years old to 65 years old.
During the period between 55 years old and 65 years old,when are are sick,poor and jobless and in financial difficulties,u cannot use use your own CPF Money for your daily survival.When u cannot keep your stomach full NOW,what is the point of withdrawing monthly payouts in the FUTURE 10 years later ? The 2 schemes are flawed and DO NOT provide a comprehensive financial safety net for the Senior Singapore Citizens.
If u have to downgrade your HDB flat or shorten your HDB lease in order to obtain some cash for daily survival,then the PAP Govt policies are flawed against the Ordinary Singapore Citizens.But why the PAP want to defer the CPF Withdrawal date from 55 years old to 65 years old ? CPF Money is a very cheap source of funds for GIC for overseas speculations .GIC lost heavily (billions) in unwise overseas speculations and may not be able to repay the principal amount plus interest to CPF when due and may cause CPF to be insolvent,so the brilliant scam of Minimum Sum Scheme to defer CPF Withdrawl Date from 55 years old to 65 years old.The PAP said the Minimum Sum Scheme is for retirement planning but in fact is to cover the losses/debts of GIC without solving the serious daily financial problems of the Ordinary Singapore Citizens.
Similarly,the PAP said ERP is to maintain smooth traffic flow but in fact is to collect millions of revenue without solving the severe vehicle congestion problems.
http://yeocheowtong.com/Salaries.html

 

[soIsee]

The lease buyback scheme is not being forced on the couple so it's not as if the government is forcing it on them. It also doesn't take the flat from them, and they are allowed to reside there until they pass away. After all what good is the flat to them when they are gone? So I'm therefore quite curious to know why they don't want to take up that scheme.

let me try to explian.

Sinkie are bunch of cannot let go, fear the things they feel are 'unknown' to them ( like voting for opposition) and the worst is, think they cannot be cheated in their earlier lives but end up being cheated at their end of their lives..by their own children.

Which also explains why they keep voting for the Pap.

 

[soIsee]

Scrap the CPF Minimum Sum Scheme or CPF-Life Scheme which defer your CPF Withdrawal Date from 55 years old to 65 years old.
During the period between 55 years old and 65 years old,when are are sick,poor and jobless and in financial difficulties,u cannot use use your own CPF Money for your daily survival.When u cannot keep your stomach full NOW,what is the point of withdrawing monthly payouts in the FUTURE 10 years later ? The 2 schemes are flawed and DO NOT provide a comprehensive financial safety net for the Senior Singapore Citizens.
If u have to downgrade your HDB flat or shorten your HDB lease in order to obtain some cash for daily survival,then the PAP Govt policies are flawed against the Ordinary Singapore Citizens.But why the PAP want to defer the CPF Withdrawal date from 55 years old to 65 years old ? CPF Money is a very cheap source of funds for GIC for overseas speculations .GIC lost heavily (billions) in unwise overseas speculations and may not be able to repay the principal amount plus interest to CPF when due and may cause CPF to be insolvent,so the brilliant scam of Minimum Sum Scheme to defer CPF Withdrawl Date from 55 years old to 65 years old.The PAP said the Minimum Sum Scheme is for retirement planning but in fact is to cover the losses/debts of GIC without solving the serious daily financial problems of the Ordinary Singapore Citizens.
Similarly,the PAP said ERP is to maintain smooth traffic flow but in fact is to collect millions of revenue without solving the severe vehicle congestion problems.
http://yeocheowtong.com/Salaries.html

The holding back Sinkie's money from them when they turned 55 is like one ( the CPF)who does not want to pay back their loan to the debtor ( the Sinkie) and plays for time to stretch the repayment back.

For every year, the Sinkie upon turning 55 does not get back ALL their money, the time effect on money is highly disadvantageous to them.

Sinkie are screwed.

In this case, its like the lender ( the Sinkie) is worse off than the debtor.

Who did you vote for?

 

[batman1]

The holding back Sinkie's money from them when they turned 55 is like one ( the CPF)who does not want to pay back their loan to the debtor ( the Sinkie) and plays for time to stretch the repayment back.

For every year, the Sinkie upon turning 55 does not get back ALL their money, the time effect on money is highly disadvantageous to them.

Sinkie are screwed.

In this case, its like the lender ( the Sinkie) is worse off than the debtor.

Who did you vote for?

I always voted for the OPPOSITION.

 

[ray_of_hope]

Scrap the CPF Minimum Sum Scheme or CPF-Life Scheme which defer your CPF Withdrawal Date from 55 years old to 65 years old.
During the period between 55 years old and 65 years old,when are are sick,poor and jobless and in financial difficulties,u cannot use use your own CPF Money for your daily survival.When u cannot keep your stomach full NOW,what is the point of withdrawing monthly payouts in the FUTURE 10 years later ? The 2 schemes are flawed and DO NOT provide a comprehensive financial safety net for the Senior Singapore Citizens.

This has been obvious for very many years already. Yet, in 2011, some 60.1% still voted for the status quo. This is their choice; the choice of the majority.

If u have to downgrade your HDB flat or shorten your HDB lease in order to obtain some cash for daily survival,then the PAP Govt policies are flawed against the Ordinary Singapore Citizens.But

In the first instance, ask yourself: Why have HDB flats constituted the vast bulk of residential housing units, something in excess of 80%? It has been like this for decades. Some people could afford private housing but opted for HDB to game the system. Some people are on the make; they like to be landlords.

 

[wwabbit]

Scrap the CPF Minimum Sum Scheme or CPF-Life Scheme which defer your CPF Withdrawal Date from 55 years old to 65 years old.
During the period between 55 years old and 65 years old,when are are sick,poor and jobless and in financial difficulties,u cannot use use your own CPF Money for your daily survival.When u cannot keep your stomach full NOW,what is the point of withdrawing monthly payouts in the FUTURE 10 years later ? The 2 schemes are flawed and DO NOT provide a comprehensive financial safety net for the Senior Singapore Citizens.

Not sure if you understand the schemes, but you are allowed to withdraw from the CPF from age 55 as long as you retain the minimum sum.

Removing the CPF Minimum Sum Scheme will cause more problem than you try to solve. You can be sure there well be a lot of senior citizens out there that will empty out their CPF immediately to gamble or misuse in other ways. This is why the CPF Life scheme is needed - if a senior citizen chooses to throw away their money then at most they go hungry for one month before they realize their folly, otherwise they go hungry for the rest of their lives.

If the monthly withdrawal is not enough to survive on, or the amount in CPF after the minimum sum is not enough to last between the age of 55 and 65, then this is a problem that need to be looked at in a case by case basis, and also the government may need to look at how the individuals end up in the situation they are in the first place. Then they will need to help those that need help and cannot help themselves and/or implement policies to prevent individuals from ending up in that situation again. These are root issues that need to be solved - allowing the individuals to empty out their CPF does not solves the problem.

 

[batman1]

This has been obvious for very many years already. Yet, in 2011, some 60.1% still voted for the status quo. This is their choice; the choice of the majority.



In the first instance, ask yourself: Why have HDB flats constituted the vast bulk of residential housing units, something in excess of 80%? It has been like this for decades. Some people could afford private housing but opted for HDB to game the system. Some people are on the make; they like to be landlords.

The PAP caused the HDB flat prices to skyrocket to become exceedingly costly.They have under-bulit HDB flats for the last decades when Mah Bow Tan was the Minister of National Development.They have allowed COV (Cash-Over-Valuation) in HDB resale market.They have allowed PRs to buy HDB resale flats.

 

[batman1]

Not sure if you understand the schemes, but you are allowed to withdraw from the CPF from age 55 as long as you retain the minimum sum.

Removing the CPF Minimum Sum Scheme will cause more problem than you try to solve. You can be sure there well be a lot of senior citizens out there that will empty out their CPF immediately to gamble or misuse in other ways. This is why the CPF Life scheme is needed - if a senior citizen chooses to throw away their money then at most they go hungry for one month before they realize their folly, otherwise they go hungry for the rest of their lives.

If the monthly withdrawal is not enough to survive on, or the amount in CPF after the minimum sum is not enough to last between the age of 55 and 65, then this is a problem that need to be looked at in a case by case basis, and also the government may need to look at how the individuals end up in the situation they are in the first place. Then they will need to help those that need help and cannot help themselves and/or implement policies to prevent individuals from ending up in that situation again. These are root issues that need to be solved - allowing the individuals to empty out their CPF does not solves the problem.

Many Singaporeans ,including CPF Staff,MPs and Financial Advisers,are not very sure about CPF Minimum Sum Scheme and CPF Life.There are too many unclear rules and regulations,there are too many booby-traps.