GH Bank launches reverse mortgage program for seniors in Thailand

Government Housing Bank (GH Bank) has introduced a reverse mortgage program designed to support Thailand’s aging society. The initiative allows individuals aged 60 to 80 to use their mortgage-free homes as collateral to receive monthly income for living expenses.

Under the program, borrowers can access a maximum loan amount of 10 million baht per collateral, with a maximum term of 25 years. For land and buildings, the loan is capped at 50% of the appraised value, while for condominiums, the limit is 30%. The interest rate is set at 6.25% per annum for the duration of the contract.

To reduce initial costs for seniors, GH Bank is offering free appraisal fees and mortgage registration fees, as well as covering 50% of the initial fire insurance cost. The program aims to help retirees maintain self-reliance and improve their quality of life while remaining in their own homes.