Advantages
The LBS is designed to let elderly residents to age in place comfortably. They can continue to stay in their flats, in the same familiar environment and community that they have grown accustomed to. Besides, they will have a steady source of monthly income for the rest of their life. This is particularly helpful to low-income elderly households of smaller flats who are unable to take advantage of other monetisation options, e.g. right-sizing to a smaller flat elsewhere, or renting out the flat.
Together with the enhanced LBS, a Silver Housing Bonus was also introduced, to help lower-income elderly households supplement their retirement income. When they right-size their flat to a 3-room or smaller flat type, they will receive a cash bonus of up to $20,000 per household.
Read more about this topic: Lease Buyback Scheme
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