In celebration of the Filipino Elderly Week and the National Shelter Month, NHMFC virtually launched the Enhanced Reverse Mortgage Program (ERMP) also called Maginhawang Buhay sa Bahay or MaBuHay Program, with the theme “Improving the Lives of our Senior Citizens: Maginhawang Buhay sa Bahay”.
The MaBuHay Program was designed and developed in support of RA 9994 or the “Expanded Senior Citizens Act of 2010” and as part of the NHMFC’s corporate social responsibility to address the financial needs of the senior members of our community. It was first introduced in 2016 and is the first reverse mortgage program in the country. It serves as an additional financing window to Filipino elderly through the conversion of their home equity into funds to cover their financial needs.
Securitization Group Vice President Maria Luisa Favila highlighted the enhancements introduced by NHMFC for the Reverse Mortgage Program (RMP), which was the result of the Knowledge Sharing Program in 2018 with the Korea Development Institute under the Korean Ministry of Finance. One is the succession of beneficiaries in case of the death of the principal beneficiary. The surviving spouse shall continue to receive the payouts until the account has been terminated. In addition to this two-tenure payouts, NHMFC also lowered the applicable rate for its beneficiaries from a term-based rate of 8% to a fixed rate of 4% in the entire duration of the account.
The NHMFC also guarantees that this program shall have no discrimination as to gender, sexuality, sector, or health condition of an individual. As such, NHMFC has considered the interests of the LGBT community and the People with Disability (PWD).
President Rabat said that under the MaBuHay Program, NHMFC has already provided to a couple of eligible beneficiaries who have used their payouts as additional capital for their business, house renovation, medical expenses, in paying-off other financial obligations to personal necessities.
“We believe that this program will not only provide financial freedom, but also a chance for our senior citizens to enjoy the fruits of their hard work and continue with their lives, despite the limited opportunities,” President Rabat stressed
Department of Human Settlements and Urban Development (DHSUD) Secretary and Chairman of the NHMFC Board of Directors Eduardo Del Rosario and 18th Congress Senator Juan Edgardo “Sonny” Angara who is one of the authors of the “Expanded Senior Citizens Act” and SB 2159 for the creation of National Commission of Senior Citizens, expressed their full support to the program.
NHMFC Communication Team
