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Reverse Mortgage / Premium Loan Insurance Scheme



 

 

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 loan on the property (only applicable at the time of reverse mortgage loan application)
    • payment for major repair 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
    • payment of life insurance policy premium and repayment of policy loan (only applicable to the application for the assignment of life insurance policy)
  • 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 cancellation period

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.

 
 

Reverse Mortgage Offer - "Reverse Mortgage Cash Rebate Programme"

Most people spend half of their lives trying to afford a property, with the aim of having a safe haven after retirement. However, property investment has not been able to provide comprehensive retirement protection and flexible cash flow. The Reverse Mortgage Programme could help you retire with fewer hassles to achieve "Retirement with a Comfortable Life".

Customers who successfully drawdown their reverse mortgage loans can enjoy a cash rebate of up to HK$60,000 before 31 December 2018..
 

 

"Reverse Mortgage Cash Rebate Programme"

Promotion Period: From 3 July 2018 until 31 December 2018
Rewards: 0.4% Cash Rebate of the Total Pledged Asset 3
(The maximum limit of total pledged asset is HK$15 million, could enjoy HK$60,000 of the maximum cash rebate amount)
Rewards Qualification: Customers who successfully apply and drawdown the reverse mortgage loans

Offers are subject to the relevant terms and conditions. For details, please refer to the terms and conditions below.

All of our branches could accept the application for the Reverse Mortgage Programme. For details, please contact our branch staff.

Terms and Conditions of the promotion offers

 
 

Reverse mortgage Offer - "Reverse Mortgage Programme" Seminar in August

Shanghai Commercial Bank cordially invites you to join the "Reverse Mortgage Programme" seminar on 28th August 2018 (Tuesday) at The Hub. Our expert speaker will share how to plan for your retirement by leveraging on Reverse Mortgage Programme.
 

  • Complimentary refreshments will be served
  • Souvenirs will be given
  • The first 100 customers who visited the Wan Chai Branch to complete the free valuation and consultation service of reverse mortgage programme during the promotion period can get HK$50 supermarket coupon
 
Date and Time 28th August 2018 (Tuesday)
3:30 p.m. - 5:00 p.m.
(Registration starts at 3:15p.m.)
Speakers Expert speakers from The Hong Kong Mortgage Corporation Limited
Target Person who is retired or planning to retire
Venue The Hub
1F Fortune Building, 150-158 Lockhart Road, Wan Chai.
(Near Wan Chai MTR Station Exit A1, by foot for about 1 minutes)

Map
Terms and Conditions
  1. Seminar seats/$50 supermarket coupon 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. In case of any disputes on the above offer, the Bank reserves the right of the final decision and interpretation on all matters relating to the offers shall be binding on all customers.
  3. The Promotion period is valid from 13 August 2018 until 7 September 2018.
  4. The location of Wan Chai branch is 19-21 Hennessy Road, Wanchai.
  5. 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.
  6. 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.
  7. 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.
  8. The seminar will be cancelled if a black rainstorm warning or a typhoon signal no. 8 or above is still in force after 12:00pm of the date of the event.
  9. In case of any dispute, the Bank's decision shall be final and conclusive.
 

Please call our Customer Service hotline 2818-0282 to register

 


 

 

Premium Loan Insurance Scheme

The Premium Loan Insurance Scheme ("Premium Loan")* of HKMC Insurance Limited allows property owners of the subsidised housing schemes who aged 50 or above to settle their premium payment. Premium Loan would provide property owners greater flexibility in disposing of their property, such as letting out or selling the property in the open market, after settling the premium payment. They will not need to repay the loans during their life time as long as they continue to own the property.

Key Features

  • Lump-sum loan for the following purposes:
    • Premium payment made to the Hong Kong Housing Authority, Hong Kong Housing Society or the Government (only applicable at the time of premium loan application)
    • Repayment of the existing mortgage loan on the property after the full premium payment (only applicable at the time of premium loan application)
    • payment for major repair and maintenance of the property
    • 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
  • 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 premium loan is terminated under certain specified circumstances
  • No penalty for early full repayment

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


*The Premium Loan Insurance Scheme is operated by HKMC Insurance Limited(HKMCI) which is wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited. Loans will only be offered to customers who meet the eligibility criteria for the Premium Loan Insurance Scheme set out by HKMCI from time to time. The relevant terms and conditions are subject to the announcement and final approval of HKMCI.
 

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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