Reverse Mortgage Program

1. What is a Reverse Mortgage Program (RMP)? 

RMP is a financial product which specifically caters to Senior Citizens where senior citizens can convert a portion of their home equity into cash to address their needs

 2. Who are entitled to avail? 

Homeowners who are 60 years old and above. 


How may the proceeds of the loan be used by the Senior Citizens?
The senior citizens may use the proceeds for the following purposes:

  1. Senior Citizens may use the proceeds as capital for their planned business (Masaganang Buhay);
  2. Senior Citizens may use the proceeds for travel or vacations or for personal necessities (Masiglang Buhay);
  3. Senior Citizens may use the proceeds for medical expenses (Mahabang Buhay); and
  4. Senior Citizens may use the proceeds to pay off their other financial obligations (Maayudang Buhay).

What are some of the salient features of the program?
The following are the salient features of the program: 

  1. Available to Filipino Senior Citizens as defined under Republic Act 9994 otherwise known as the “Expanded Senior Citizens Act of 2010;”
  2. Registered owner of a house and lot or condominium unit;
  3. Residing in the property to be mortgaged;
  4. Maximum loanable amount is 60% of the appraised value of the property but not to exceed PhP3,000,000.00;
  5. Counselling Session for the borrower and the heirs is a must; and
  6. Borrower can use the property as residence until death, sells or moves out of the property. 

What is the purpose of Counselling Session? 

Prior to loan approval, counselling will be conducted where all the senior citizens’ spouse and heirs are gathered together to discuss about the risks and benefits of the RMP, the loan terms and conditions, grounds for termination/cancellation of the loan, the responsibilities of the applicant and NHMFC and other legal issues. 


How to avail and who may we contact about the program?
You may contact the following contact persons: 

  1. Mr. Rundstedt Jalbuna at 893-1501 local 308
  2. Mr. Efraim C. Osingat CPA, BSMA at 893-1501 local 267