Asked on 15 Mar 2020
My father is a 73, his RA is total $0, his OA is $4800, we need to service our mortgage loan of $359 yearly. He is currently not working, retired. we still have 7 years of loans to be pay to HDB. We are under HDB loan of 2.6%. We still owe them $30000.
Paying one shot $30000, is too much for me. Is there a way to allow me to pay HDB loan with my OA account?
do I need to be co-owner? any disadvantage doing that? now only I am the only making money in the family
Several things you can do,
1) take advantage of the government initiatives such as workfare, eldershield, government assistance for your dad
2) Consider lease buyback to pay off the house
3) sell and buy a studio or cheaper housing.
$359 monthly is not a big hurdle, speak with your mp and see how they can help.
Must be tough on you. To answer your question, I do not think that you are able to service the loan using your OA unless you are the co-owner. Being the co-owner which consider you to have your 1st property if you hadnt got one before.
The accrued interest is the killer. You will face difficulties removing your name if you wanna get your own place to stay.
Hope it helps.