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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 can be applied at the time of reverse mortgage loan application and / or any time during the selected payment term to suit the borrower's personal needs
  • 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"

From 1 January 2024 to 31 December 2024, customers who successfully drawdown their reverse mortgage loans can enjoy 0.4% cash rebate of specified property value.
  

Reverse Mortgage Cash Rebate Programme

Promotion Period: From 1 January 2024 until 31 December 2024
Rewards: 0.4% Cash Rebate of Specified Property Value
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 55 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 5 / 10 / 15 / 20 years or lifetime are available
  • Lump-sum payout
    • In addition to monthly payouts, lump sum payout can be applied at the time of policy reverse mortgage loan application and / or any time during the selected payment term to suit the borrower's personal needs
  • 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.

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

To provide you an expedited and convenient application process, 10 insurance plans issued by Hong Kong Life Insurance Limited (Hong Kong Life) as specified below are eligible for application of Policy Reverse Mortgage loan.

  • Grand Fortune Whole Life Protection Plan (Lite)
  • Grand Fortune Whole Life Protection Plan
  • 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.

 
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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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