The MAGINHAWANG BUHAY SA BAHAY (MABUHAY) Reverse Mortgage Program, also known as HLRPP-3, is an innovative housing finance initiative introduced by the National Home Mortgage Finance Corporation (NHMFC) to support the financial well-being of Filipino senior citizens. Launched under the government’s effort to maximize the value of homeownership, the program allows seniors aged 60 and above to convert part of their home equity into cash without giving up ownership or relocating. It is designed to help address income insecurity in old age by offering an alternative source of income through a reverse mortgage arrangement.
The rationale behind the MABUHAY Program is rooted in the need to provide long-term financial assistance to elderly homeowners who often face limited income opportunities after retirement. By unlocking the monetary value of their homes, the program empowers senior citizens to meet daily expenses, access medical care, and live with dignity. Understanding how to apply for this program is essential, especially for families looking to support aging parents while preserving their rights to stay in their home and enjoy a more secure retirement. If you’re a senior Filipino homeowner looking for financial assistance without giving up your home, then you’d want to know everything about the MABUHAY Program—from eligibility, benefits, requirements, to the complete application process—so you can check it out in case you need to.
Program Overview
The Mabuhay Program under HLRPP-3 stands for “Maginhawang Buhay sa Bahay”, a reverse mortgage program by NHMFC. This program is tailored for Filipino senior citizens who wish to tap into the value of their owned residential properties and receive cash—either as a lump sum or regular payout—without making any monthly mortgage payments. But unlike traditional mortgages, this program allows homeowners to stay in their homes while receiving financial support during their retirement years.
Features
Some of the most notable features of this program are as follows:
- Loan Amount: Up to 60% of the home’s appraised value, capped at ₱5 million
- Monthly Repayment: No monthly amortization required
- Payout Options:
- Lump-sum payout of up to 40% of the loan amount
- Lifetime annuity, providing monthly cash flow
- Interest Rate: Fixed at 4% per annum
- Age Requirement: Must be at least 60 years old at the time of application
- Ownership: Homeowner retains full property ownership while receiving funds
- Counseling: Mandatory orientation for applicants and family members
Benefits
Some of the benefits it offers include the following:
- Receive cash based on the equity of your home
- Continue living in your house while enjoying financial liquidity
- Choose between a one-time lump sum or recurring monthly payouts
- No pressure to repay the loan while you are still alive and living in the home
Target Beneficiaries
The program was specifically designed with the intention of supporting the following groups:
- Filipino homeowners who are at least 60 years old at the time of application
- Financial institutions holding reverse mortgage receivables
- Cooperatives with eligible loan accounts
- Microfinance institutions involved in home financing
- Local government units (LGUs) managing housing receivables
- Other entities with reverse mortgage-type receivables willing to partner with NHMFC
Who Can Apply for the Mabuhay Program?
You may apply for the program if you satisfy the following criteria:
- Individual Applicants
- You are a Filipino citizen aged 60 years old and above
- You own residential property with a Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
- You are the legal and registered owner of 9the property
- You are willing to undergo counseling and orientation with your spouse and children (if applicable)
Aside from individuals, the program is also open to:
- Institutional Applicants
- Financial institutions
- Cooperatives
- Microfinance institutions
- Local Government Units (LGUs)
- Other entities with eligible reverse mortgage receivables who are interested in partnering with NHMFC
Documentary Requirements
Before applying for the program, interested applicants must first gather and prepare the following documentary requirements:
A. For Borrowers (Individual Senior Citizens)
Prepare the following documents in original copies:
- Filled-out Housing Loan Application Form with ID photos (NHMFC-ARD-RMP F002-Rev. 1)
- Authority to Inspect Unit form (NHMFC-ARD-RMP F003-Rev. 1)
- Two (2) Valid Government-issued IDs
- Certificate of Residency (issued by Barangay, City, or Homeowners’ Association)
- Certificate of Attendance from Orientation and Counseling
- Marriage Certificate (NSO/PSA), if applicable
- Certificate of No Marriage (CENOMAR) if single
- Death Certificate of spouse, if applicable
- Owner’s Duplicate Copy of Certificate of Title (TCT or CCT)
- Updated Tax Declarations and Real Property Tax Receipts
- House Plan or As-Built Plan
B. For Originating Institutions (for partnership with NHMFC)
Documents required:
- Notarized Loan and Mortgage Agreement
- Letter of Guaranty (if applicable)
- Secretary’s Certificate (designating representative)
- Purchase of Loan Agreement
- Tax Declaration & Tax Receipts (certified copies and photocopy)
- Marriage-related documents (e.g., marriage contract, annulment papers, special power of attorney, etc.)
- Owner’s Duplicate Copy of Title and LRA Copy
- Deed of Undertaking (if applicable)
Application Process: Step-by-Step
Here’s how individual applicants can apply for the Mabuhay Reverse Mortgage Program:
Step 1: Submission of Requirements
- Go to the NHMFC’s Mortgage Acquisition Department (MAD)
- Submit all required documents to the Secretary for evaluation
Step 2: Due Diligence and Appraisal
- NHMFC will evaluate your property and documents
- The Supervising Mortgage Accounts Specialist will then tell you that you will need to pay the appraisal fee amounting to ₱3,000 (upfront)
Step 3: Preparation for Committee Review
- Materials prepared for NHMFC Committee (CreCom) are prepared and handled by the Division Chiefs of the NHMFC Accreditation & Pooling Divisions
Step 4: Committee Approval
- Resolution is approved by the Manager of the CreCom either via meeting or referendum
Step 5: Fund Disbursement Processing
- Once approved, the NHMFC via the MAD Division Chiefs & Manager prepare the Budget Utilization Request
- You will also be required to pay the following
- ₱2,000 processing fee per approved account
- Origination fee: 1.5% of approved loan amount
Step 6: Notification of Results
- The NHMFC, via the MAD Senior Mortgage Accounts Specialist, will notify you through email or phone
Orientation and Counseling Requirement
Borrowers, along with their spouse and children, must attend a scheduled orientation and counseling session organized by the loan originator. This step provides transparency regarding:
- Terms and conditions of the reverse mortgage
- Payout options
- Borrower responsibilities
- Inheritance and title transfer information
This requirement helps families make well-informed decisions regarding the use of the home equity.
Fees and Processing Timelines
Applying for the Mabuhay Reverse Mortgage Program (HLRPP-3) involves several fees and a processing timeline. Applicants are required to pay an appraisal fee of ₱3,000 upfront during the due diligence phase. Upon loan approval, a processing fee of ₱2,000 and an origination fee of 1.5% of the approved loan amount are charged.
In terms of duration, the total processing time from document submission to loan approval and fund disbursement is approximately 19 working days and 40 minutes. This timeline includes document validation, property appraisal, Credit Committee review, and budget processing. This is why it’s important for applicants to prepare all necessary documents and fees to facilitate a smooth application process and to avoid dragging the process and making the wait times even longer.
Where to Secure the Application Forms
You can obtain the application forms for the MABUHAY Reverse Mortgage Program (HLRPP-3) through the National Home Mortgage Finance Corporation (NHMFC). These forms are available for download on the NHMFC’s official website under the Downloadable Forms section (https://nhmfc.gov.ph/downloadable-forms/). Specifically, you will need the Housing Loan Application Form and the Authority to Inspect Unit Form, both of which can be accessed via this link here: https://nhmfc.gov.ph/downloadable-forms/.
Where to Apply or Inquire
If you’re interested in applying or want to learn more about this program, then you can reach NHMFC via the following channels:
- Email: marketing@nhmfc.gov.ph
- Landline: (02) 8892-5503
- Mobile: 0918-910-8263 / 0917-824-9374
You can also set an appointment for orientation and counseling sessions.
Video: Testimonials from the Beneficiaries of the Mabuhay Reverse Mortgage Program (HLRPP-3)
The Mabuhay Reverse Mortgage Program (HLRPP-3) by NHMFC offers a helpful option for senior homeowners in the Philippines who want access to financial assistance without having to sell or leave their homes. By using your home’s equity, you can gain a steady cash flow or lump-sum amount to support your retirement years. With its affordable fees, clear eligibility requirements, and government support, it’s a smart option for those who meet the age and ownership qualifications. If you’re over 60, own your home, and are looking for an alternative to traditional loans, you may learn more about the Mabuhay Program straight from the horse’s mouth as the first beneficiaries of the program talks about their experience with it::