The number of seniors taking up the Housing Board's Lease Buyback Scheme went up last year to 240, after rules were relaxed so more flat owners aged 63 and above could qualify.
That is up from a total of 471 households over the four years from 2009 - when the scheme was first launched.
The Lease Buyback Scheme, which helps seniors age in place, is one of several HDB schemes that help retirees monetise their housing assets should they find themselves asset-rich but cash-poor.
Last year, the scheme was enhanced to allow seniors who have previously received more than one housing subsidy and previous owners of private property to qualify. HDB said there are about 42,000 two-room and three-room flat owners who are eligible.
Government Parliamentary Committee for National Development and Environment chairman Lee Bee Wah said some seniors still worry about outliving the 30-year lease on their homes.
HDB said that in those cases, a lease extension would be offered. HDB added that appropriate housing arrangements will be provided to those who are unable to pay for the lease extension on a case-by-case basis.
On the other hand, the Silver Housing Bonus scheme launched last February has got off to a slower start, with 62 households having taken it up. Under this scheme, a senior who downgrades to a smaller flat receives a government grant of up to $20,000 per household, if he tops up his Central Provident Fund (CPF) retirement account with the sales proceeds.
More popular by far is HDB's subletting scheme. About one in 10 HDB owners above 55 either sublets a room or the entire flat for income, according to data from HDB.
For more District Guides, you can head over to iProperty.com Singapore.
