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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 click here to visit The Hong Kong Mortgage Corporation Limited website or contact our branch staff.


*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.

Specialized service now available at all branches! To find out more, please contact our branch staff or call our Customer Service Hotline at 2818 0282.
 
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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 2020 can enjoy a cash rebate of up to HKD60,000.
  

Reverse Mortgage Cash Rebate Programme

Promotion Period: From 1 January 2020 until 31 December 2020
Rewards: 0.4% Cash Rebate of the Total Pledged Asset
(The maximum limit of Total Pledged Asset on cash rebate is HKD15 million and the maximum rebate amount is HKD60,000.)
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 click here to visit The Hong Kong Mortgage Corporation Limited website.

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* Policy Reverse Mortgage loans will only be offered to customers who meet the eligibility criteria for the Policy 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.

8 Hong Kong Life insurance plans are eligible for Policy Reverse Mortgage Programme

To provide you an expedited and convenient application process, 8 insurance plans issued by Hong Kong Life Insurance Limited (Hong Kong Life) as specified below are eligible for application of Policy Reverse Mortgage loan.

  • Quick Step
  • Leisure Moment
  • Your Wealth Whole Life Savings Protection Plan
  • Whole Life Express 8
  • Perfect 10 Whole Life Protector
  • Smart Achiever Single Premium Protection Plan
  • Whole Life
  • Whole Life Protection Plus
 

Specialized service now available at all branches. To find out more, please contact our branch staff or call our Customer Services Hotline at 2818 0282.

 

Policy Reverse Mortgage Offer – "Policy Reverse Mortgage Application Reward"

Customers who apply for the policy reverse mortgage loan and complete the designated application procedures on or before 31 December 2020 are entitled to HKD1,000 supermarket gift voucher.

Policy Reverse Mortgage Application Reward

Promotion Period: From now until 31 December 2020
Rewards: HKD1,000 supermarket gift voucher
Rewards Eligibility: Customers who apply for the policy reverse mortgage loan and complete the designated application procedures

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 Offer – "Hong Kong Life – (Smart Rewards 2020) Client Promotion Incentive"

Policy reverse mortgage programme customers who successfully apply for the designated eligible insurance plan(s) of Hong Kong Life on or before 31 December 2020, may enjoy up to 40% first year premium discount.

Hong Kong Life – (Smart Rewards 2020) Client Promotion Incentive

Promotion Period: From now until 31 December 2020
Rewards: Up to 40% first year premium discount
Rewards Eligibility: Policy reverse mortgage programme customers who successfully apply for the designated eligible insurance plan(s) of Hong Kong Life

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

The life insurance plan is underwritten by Hong Kong Life Insurance Limited ('Hong Kong Life'). Hong Kong Life is authorized and regulated by the Insurance Authority to carry on long term insurance business in the Hong Kong Special Administrative Region.

Shanghai Commercial Bank Limited ('The Bank') is the Appointed Insurance Agency of Hong Kong Life, and the life insurance product is a product of Hong Kong Life but not the Bank. Hong Kong Life reserves the right to decide at its sole discretion to accept or decline any application of the life insurance plan

In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the life insurance product should be resolved between Hong Kong Life and the customer directly. Clients should refer to the policy, proposal and other offering documents of Hong Kong Life’s life insurance plans for relevant product information, content, terms and conditions.

Information on this website is for reference only and is intended to be distributed in Hong Kong only. It shall not be construed as an offer to sell or a solicitation of an offer or recommendation to purchase or sale or provision of any life insurance product of Hong Kong Life outside Hong Kong. Information on this website does not mention any coverage, exclusions, risk disclosure, content nor terms and conditions of the life insurance product. Clients should read, fully understand and accept the coverage, exclusions, risk disclosure, content, terms and conditions of the policies and proposals before applying for any life insurance product.

For more information, please visit Hong Kong Life website.

Policy Reverse Mortgage Offer – "Policy Reverse Mortgage Cash Rebate Programme"

Customers who submit an application and the required documents are received by HKMCI on or before 31 December 2020 and the respective loan remains valid after the cooling-off period, customer can enjoy a cash rebate of up to HKD75,000.

Policy Reverse Mortgage Cash Rebate Programme

Promotion Period: From 2 July 2020 until 31 December 2020
Rewards: 0.5% Cash Rebate of the Specified Policy Value
(The maximum limit of Specified Policy Value is HKD15 million and the maximum rebate amount is HKD75,000.)
Rewards Eligibility: Customers who submit an application and the required documents are received by HKMCI during the promotion period and the respective loan remains valid after the cooling-off period

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
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HKMC Referral Reward

  Reverse Mortgage Programme Policy Reverse Mortgage Programme
Promotion period: From 1 January 2020 until 31 December 2020
Offers*: HKD15,000 each for eligible Referrer HKD2,000 each for eligible Referrer

* Terms and conditions apply. To find out more, please contact The Hong Kong Mortgage Corporation Limited or our branch staff.

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Reminders about Responsible Borrowing
  • You should have a clear understanding of your financial condition, daily expenses, and actual borrowing needs.
  • You should have assessed your repayment ability and avoid over-borrowing.
  • You should repay any outstanding balance on time to avoid late payment charges and additional overdue interest charged by the bank.
  • 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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