BARP wants action on reverse mortgages
The Barbados Association of Retired Persons (BARP) wants the issue of reverse mortgages to be put back on the front-burner of Government.
President Ed Bushell told Barbados TODAY that after making some significant headway, the matter appeared to have fallen off the radar of the authorities.
”We have submitted everything. We met with the relevant ministries and we were assured that we had the support of everyone. We wrote the Governor of the Central Bank [Dr Delisle Worrell]; we got that support from him. He said that it was in order and nothing was wrong with it and we submitted a draft of proposed legislation.
”We have made queries on a number of occasions about it . . . whether or not it would be placed in some sort of bill and taken to Parliament so that we can get on with it. This is another area of great concern, because there are many, many people who are asset rich and cash poor; people who have build lovely homes and can’t go to the supermarket because their pension is not sufficient to take care of the house, the taxes, and the maintenance of the home, and live in this economic environment,” Bushell explained.