Home
banner

Borrow

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 (including revolving credit facility or loan arrangement) (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
    • repayment loans by authorized institutions, money lenders or authorized insurers (including revolving credit card facilities or credit cards balances)
    • full repayment of the amount of indebtedness under individual voluntary arrangement
  • 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.
 
backTop

 

Reverse Mortgage Offer - "Reverse Mortgage Cash Rebate Programme"

Customers who successfully drawdown the reverse mortgage loans on or before 31 December 2021 can enjoy a 0.4% of specified property value cash rebate.
  

Reverse Mortgage Cash Rebate Programme

Promotion Period: From 1 January 2021 until 31 December 2021
Rewards: 0.4% Cash Rebate of Specified Property Value
Rewards Qualification: Customers who successfully drawdown the reverse mortgage loans
backTop

 

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
    • repayment of loans by authorized institutions, money lenders or authorized insurers (including revolving credit card facilities or credit cards balances)
    • full repayment of the amount of indebtedness under individual voluntary arrangement immediately
  • 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.

backTop

 

* 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.

 
backTop

 
 

HKMC Referral Reward

  Reverse Mortgage Programme Policy Reverse Mortgage Programme
Promotion period: From 1 January 2021 until 31 December 2021
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.

backTop

 
 



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.
Previous pageBack to top