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Buying a home is no longer just a challenge for the younger generation. Even seniors are still paying off their mortgages. Of all people aged over 60 in Taiwan, over 250,000 still have mortgages. That means that one out of every 8.9 mortgage holders is over 60. At an age when they should be retiring and enjoying life, more and more people are struggling to pay off their homes. And on top of that, strict thresholds set by banks for senior applicants are creating more challenges for this demographic.
In 2020, real-estate agent Chen Tai-yuan bought a studio apartment in Taipei’s Zhongshan District. He’s been making payments now for over five years, and still owes NT$7.21 million. Even with monthly payments of NT$32,000 for both the principal and interest, he will be 67 years old by the time he pays it off.
Chen Tai-yuan
Real-estate agent
There’s a sense of urgency. We have to earn money early in order to save up enough for the remaining 25 years of mortgage payments.
According to the latest data from the Joint Credit Information Center, as of December, about 11.22% of the 2.24 million mortgage holders in Taiwan—or one in every 8.91 mortgage holders—is a senior. But would you be willing to spend your golden years paying off a mortgage?
Senior
I don’t want to. It’s impossible. There’s no work. No one wants to hire someone my age. How’re we supposed to pay?
Mr. Hsu
Senior
I’m 72 now. I paid off my mortgage at 68. I felt like I could relax after that, but it was really hard at the time. I was unhappy for 20, 30 years. It was horrible, thinking about the mortgage day in and day out. Some people even work three jobs.
As Taiwan becomes super-aged with a declining birthrate, there will only be more seniors like Mr. Hsu who are still paying off mortgages.
Chen Tai-yuan
Real-estate agent
If you’re already 60, your loan term might not even reach 20 years. They might even force you to inform your children about the loan. Banks worry that the risk of a senior developing dementia could lead to legal disputes.
Many banks have set a rule stipulating that borrower’s age plus the loan term cannot exceed 80 years. Senior loans come with a low loan-to-value ratio and the highest interest rates. Income and the purpose of the loan are also highly scrutinized. Finding a balance between declining health and a steep mortgage has become a grim reality that many must face.
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