The Reverse Mortgage Programme* of HKMC Insurance Limited allows successful applicants to use their residential property in Hong Kong as security to borrow from a participating bank. Borrowers will receive monthly payouts and continue to stay in their property for the rest of their life.
- Flexible payment term
- Payment terms of 10 / 15 / 20 years or lifetime are available
- Lump-sum payout
In addition to monthly payouts, lump sum payout is also available for the following purposes:
- full repayment of the existing mortgage on the property (only applicable at the time of reverse mortgage loan application)
- payment for home improvement, repairs and maintenance of the property
- payment for medical expenses including treatment outside Hong Kong
- payment for the fees payable to the relevant solicitors and medical practitioners in connection with the enduring power of attorney or the fees in connection with the application for a Court Order under Part II of the Mental Health Ordinance
- settlement of premium payment for the subsidised housing property
- purchase of interment right in columbarium and cemetery, as well as expenses for funeral services
- Two options of interest rate plan
- The borrower can choose a floating rate or fixed rate mortgage plan
- Residing in the property
- No repayment during your lifetime
- You do not need to repay the outstanding loan balance you owe to the bank during your lifetime, unless the reverse mortgage loan is terminated under certain specified circumstances
- No penalty for early full repayment
- Six-month cooling-off period
- Flexibility to rent out the property under specified circumstances
(The borrower may apply to rent out his property if he owns his property for at least one year and all borrowers have:
If the borrower's property is a subsidised sale flat with unpaid premium, he must obtain a written consent from relevant authorities, in addition to the above requirement of property ownership.)
- declared that they have retired; or
- moved out to obtain elderly or medical care.
To find out more, please call us at 2818 0282 or click here to visit The Hong Kong Mortgage Corporation Limited website.
*The Reverse Mortgage Programme is operated by HKMC Insurance Limited (HKMCI) which is wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. Mortgage loans will only be offered to customers who meet the eligibility criteria for the Reverse Mortgage Programme set out by HKMCI from time to time. The relevant terms and conditions are subject to the announcement and final approval of HKMCI.
All of our branches could handle your application! For details, please contact our branch staff.
Reverse Mortgage Offer - "Reverse Mortgage Pre-Application Reward"
Customers who complete the designated Reverse Mortgage procedure for the first time and set up HKD Current Savings Account of the Bank on or before 30 June 2019 are entitled to enjoy HKD200 supermarket shopping coupon.
"Reverse Mortgage Pre-Application Reward"
||From 16 May 2019 until 30 June 2019
||HKD200 supermarket shopping coupon
||Customers who complete the designated Reverse Mortgage procedure for the first time and set up HKD Current Savings Account of the Bank
Customers who submit an application of reverse mortgage on or before 8 November 2019, and the respective loan remains valid after the cooling-off period, can enjoy a cash incentive equivalent to 1-month payout amount.
"Reverse Mortgage Extra Cash Incentive"
||From 9 May 2019 until 8 November 2019
||A cash incentive equivalent to 1-month payout amount
||Customers who submit an application of reverse mortgage, and the respective loan remains valid after the cooling-off period
Customers who successfully drawdown the reverse mortgage loans on or before 31 December 2019 can enjoy a cash rebate of up to HK$60,000.
"Reverse Mortgage Cash Rebate Programme"
||From 2 January 2019 until 31 December 2019
||0.4% Cash Rebate of the Total Pledged Asset
（The maximum limit of Total Pledged Asset on cash rebate is HK$15 million and the maximum rebate amount is HK$60,000.）
||Customers who successfully drawdown the reverse mortgage loans
Reverse Mortgage Offer - "Reverse Mortgage Referral Reward"
Customers who successfully refer a new customer drawdown their reverse mortgage loans on or before 20 December 2019 can enjoy a cash rebate of HKD15,000.
"Reverse Mortgage Referral Reward"
||From 1 April 2019 until 20 December 2019
||HKD15,000 cash rebate
||Customers who successfully refer a new customer drawdown their reverse mortgage loans
Offers are subject to the relevant terms and conditions. For details, please refer to the terms and conditions below.
Terms and Conditions of the promotion offers
To borrow or not to borrow? Borrow only if you can repay!
In case you wish to enquire whether a third party is appointed by our Bank for referring credit card or loan application, please contact customer service hot line 2818 0282.