- Reverse mortgage
- What is a reverse mortgage?
- Who is eligible for a reverse mortgage loan?
- Key features of the reverse mortgage under the Reverse Mortgage Programme
- What costs is the borrower responsible for?
- How much does the borrower receive every month?
- Lump-sum loan
- Assignment of life insurance policy
- When does the reverse mortgage terminate?
- What happens to the property at the end of the reverse mortgage?
- Application procedures
- Public housing issues
- Maintenance and safety of property
- Redevelopment and acquisition of property
Step 1 – Pre-application
The borrower needs to enquire at a participating bank, which will provide the borrower with details about the reverse mortgage programme and conduct a preliminary eligibility assessment for him.
Please click here to download the List of Participating Banks.
Step 2 – Counselling
Before making a formal application for a reverse mortgage loan, the borrower must make an appointment with anqualified Counsellor.
The Counsellor will explain the general features of the reverse mortgage, the borrower's major legal rights and obligations,and the legal consequences of taking out a reverse mortgage. The Counsellor will issue a counselling certificate to the borrower if he successfully completed the counselling session.
Please click here to download the List of Reverse Mortgage Counsellors (provided by The Law Society of Hong Kong).
Step 3 – Formal application
After obtaining the counselling certificate, the borrower may approach any participating bank to make a formal application.
Step 4 - Execution of legal documents
If the formal application is approved by the bank, the borrower will need to execute the mortgage documents in order to start receiving the monthly payments.
**Please read the Important Notice carefully before proceeding further with an application for a reverse mortgage. You can download the Important Notice by clicking here.
If you have any enquiries, please contact any participating bank, aqualified Counsellor or the HKMC for more information. You can also call the Reverse Mortgage Programme Hotline: 2536 0136.