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Supporting Financial Needs of Senior Citizens in the Philippines
Are you looking for financial support as a senior citizen in the Philippines? If so, you may want to consider the National Home Mortgage Finance Corporation’s (NHMFC) Enhanced Reverse Mortgage Program (ERMP), also known as the Maginhawang Buhay sa Bahay (MaBuHay) Program.
The Maginhawang Buhay sa Bahay (MaBuHay) Program
The MaBuHay Program was developed in alignment with the Expanded Senior Citizens Act of 2010, and is designed to provide additional financing to elderly Filipinos through the conversion of their home equity into funds. This can be a helpful solution for seniors who may be facing financial challenges and need extra support to cover their needs.
Additional Security and Affordability for Beneficiaries
One of the enhancements introduced by the NHMFC for the MaBuHay Program is the option for a surviving spouse to continue receiving payouts in the event of the principal beneficiary’s death. This can provide peace of mind and financial security for families who are relying on the program for support.
In addition, the NHMFC has reduced the applicable interest rate for MaBuHay Program beneficiaries from a term-based rate of 8% to a fixed rate of 4% for the entire duration of the account. This can help to make the program more affordable and accessible for seniors.
Open to All Seniors, Regardless of Background or Circumstances
It’s also important to note that the NHMFC has made the MaBuHay Program inclusive, with no discrimination based on gender, sexuality, sector, or health condition. This means that the program is open to all seniors, regardless of their background or circumstances. The NHMFC has even considered the interests of the LGBT community and people with disabilities (PWD) in the design of the program.
Providing Financial Freedom and Opportunities for Seniors
So far, the MaBuHay Program has been a success, with many eligible beneficiaries using their payouts for a variety of purposes, including business capital, house renovations, medical expenses, and personal necessities. As President Rabat has noted, the program not only provides financial freedom, but also the opportunity for seniors to continue enjoying the fruits of their hard work, despite limited opportunities.
Consider the NHMFC’s Maginhawang Buhay sa Bahay Program for Financial Support as a Senior Citizen in the Philippines
In conclusion, if you’re a senior citizen in the Philippines looking for financial support, the NHMFC’s MaBuHay Program may be worth considering. With its enhancements and inclusivity, it can provide a valuable source of funds and financial security for you and your family.
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