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Reverse Mortgage Programme/ Policy Reverse Mortgage Programme



 

 

Reverse Mortgage

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.

Key Features

  • 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:
    1. declared that they have retired; or
    2. moved out to obtain elderly or medical care.
    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.)

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.
 
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HKMC Retirement Solutions Seminar in August

Shanghai Commercial Bank cordially invites you to join the HKMC Retirement Solutions seminar on 21st August 2019 (Wednesday) at Royal Courtyard (Shek Mun Restaurant). Guest speakers from The Hong Kong Mortgage Corporation Limited will share how to plan for your retirement by leveraging on HKMC Retirement Solutions.
 

  • Complimentary refreshments will be served
    Souvenirs will be given

     
Date and Time 21st August 2019 (Wednesday)
3:15 p.m. – 4:45 p.m.
(Registration starts at 3:00 p.m.)
Speakers Guest speakers from The Hong Kong Mortgage Corporation Limited
Target Person who is retired or planning to retire
Venue Royal Courtyard (Shek Mun Restaurant)
3/F, Kings Wing Plaza 2, 1 On Kwan Street, Shek Mun, Sha Tin

Map
Terms and Conditions
  1. Seminar seats are limited and available on a first come, first served basis.
  2. The Bank reserves the right to suspend, vary or terminate the above offers and to amend the terms and conditions at any time without prior notice.
  3. The personal data collected in the registration will be recorded for verification and statistics purposes in respect of this seminar and will not be used for other purposes. The personal data collected will not be used to update the Bank's record and will be destroyed within 6 months after the seminar.
  4. The remarks made by the speakers of the seminar represent their personal opinions only and do not represent those of the Bank. All information is for reference only.
  5. Photography, videotaping and recording of any kind for broadcast or transmission for commercial purposes is forbidden without prior written permission of the Bank. The Bank may conduct camera, video and sound recording during the seminar, and all or part of the camera and video recording content may be used by the Bank and/or The Hong Kong Mortgage Corporation Limited and HKMC Insurance Limited later for related event record and/or product promotion purposes.
  6. The seminar will be cancelled if a black rainstorm warning or a typhoon signal no. 8 or above is still in force after 1:00pm of the date of the event.
  7. In case of any dispute, the Bank's decision shall be final and conclusive.
  8. In case of any discrepancy between the English and Chinese versions of the content, the English version shall prevail.
 

The seminar is fully booked, thank you for your support!

 


 

 

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 31 August 2019 are entitled to enjoy HKD200 supermarket shopping coupon.
 

"Reverse Mortgage Pre-Application Reward"

Promotion Period: From 16 May 2019 until 31 August 2019
Rewards: HKD200 supermarket shopping coupon
Rewards Qualification: Customers who complete the designated Reverse Mortgage procedure for the first time and set up HKD Current Savings Account of the Bank
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Reverse Mortgage Offer - "Reverse Mortgage Cash Rebate Programme"

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"

Promotion Period: From 2 January 2019 until 31 December 2019
Rewards: 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.)
Rewards Qualification: Customers who successfully drawdown the reverse mortgage loans
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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

 

Policy Reverse Mortgage

The Policy Reverse Mortgage Programme is operated by HKMC Insurance Limited (HKMCI), a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited, for people who are aged 60 or above to apply for policy reverse mortgage loans. Policy reverse mortgage is a loan arrangement. It enables borrowers to use their life insurance policy as collateral to borrow from a lender. In general, borrowers do not need to repay their policy reverse mortgage loan during lifetime.

Key Features

  • 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 an outstanding policy loan on life insurance policy
    • settlement of unpaid premium of life insurance policy
    • full repayment of outstanding policy reverse mortgage loan
    • payment for home improvement, repairs and maintenance of property in Hong Kong
    • payment for medical expenses(treatment outside Hong Kong is acceptable)
    • 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
    • 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
  • No repayment during borrowers' lifetime
    • In general, the borrowers do not need to repay their policy reverse mortgage loan during their lifetime, unless their policy reverse mortgage loan is terminated under certain specified circumstances.
  • No penalty for early full repayment
  • Six-month cooling-off period

To find out more, please call us at 2818 0282 or click here to visit The Hong Kong Mortgage Corporation Limited website.

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"HKMC Retirement Solutions" Promotional Offers

  Reverse Mortgage Programme (RMP) Policy Reverse Mortgage Programme (PRMP)
Promotion period: From now on until 8 November 2019
Offers*: Extra Cash Incentive: Where an application is submitted during the promotional period and the respective loan remains valid after the cooling-off period, the borrower will be entitled to a cash incentive equivalent to 1-month payout amount.

* Terms and conditions apply. To find out more, please click here to visit The Hong Kong Mortgage Corporation Limited website.

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HKMC Referral Reward

  Reverse Mortgage Programme (RMP) Policy Reverse Mortgage Programme (PRMP)
Promotion period: From now on until 20 December 2019
Offers*: HK$15,000 each for eligible Referrer HK$2,000 each for eligible Referrer

* Terms and conditions apply. To find out more, please click here to visit The Hong Kong Mortgage Corporation Limited website.

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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.
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