Terms and Conditions for Policy Reverse Mortgage Cash Rebate Programme:

  1. The Policy Reverse Mortgage Cash Rebate Programme is valid from 2 July 2020 until 31 December 2020, inclusive of both dates ("Promotion Period") for customer(s) who submit an application and the required documents are received by HKMC Insurance Limited (HKMCI) and the respective loan remains valid after the cooling-off period.
  2. The borrower(s) are eligible for the Policy Reverse Mortgage cash rebate under the conditions that within six months from the date of the first monthly or lump sum payout, no application for refund or waiver of mortgage insurance premiums of the loan has been issued by the borrower(s); and no maturity event has occurred that would trigger a refund or waiver of mortgage insurance premiums ("Eligible Borrowers").
  3. Eligible Borrowers are entitled to 0.5% cash rebate of the Specified Policy Value on each Eligible Mortgage Loan, with the condition that the maximum limit of the Specified Policy Value is HKD15 million, and the maximum rebate amount is HKD75,000.
  4. The Policy Reverse Mortgage Cash Rebate Programme is provided by HKMCI. The approval of cash rebate amount from HKMCI shall be final.
  5. The applications of Policy Reverse Mortgage loan are subject to the relevant approval and credit requirements and all mortgage terms are subject to the Bank or lending institution's final approval.
  6. Relevant cash incentive will be credited into the specific Eligible Mortgage Loan account directly within the subsequent quarter after the cooling-off periods of the eligible loans.
  7. Cash rebate cannot be directly collected as cash or transferred to a third party or transferred to other accounts.
  8. HKMCI reserves the right to terminate or amend the promotion offers and terms and conditions without notice. In case of any disputes, the decision of HKMCI shall be final.
  9. The Policy Reverse Mortgage Cash Rebate Programme is provided by HKMCI and the Bank will not be responsible for any related liability. All service and disputes relating to the Policy Reverse Mortgage Cash Rebate Programme shall be resolved directly between the customers and HKMCI.
  10. In case of any discrepancy between the Chinese and English versions of this Terms and Conditions, the English version shall prevail.