People do mistakenly believe that you must service the remaining loan amount in cash once you’re 55.
But in fact, you can continue servicing your home loan using your CPF even after turning 55.
In addition, before you turn 55, you can request to reserve all or part of your OA savings to pay for the outstanding housing loan on your existing property.
Just note that the actual amount that will be reserved is subject to available savings in your OA. Also, the amount that you can use for your housing loan is subject to the applicable housing withdrawal limits.
Adapted from, and written by Ryan Ong for Singsaver. This article was first published on SingSaver.com.sg, a financial comparison site that provides tips and advice on saving money in Singapore.