Reverse Mortgage Counselling Services
The Reverse Mortgage Programme is operated by HKMC Insurance Limited (HKMCI), a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited (HKMC), which enables people aged 55 or above to use their residential properties in Hong Kong as security to obtain reverse mortgage loans. We set out below the Brief Steps in the Application Process.
Approach HKMC or a participating institution (11 banks in HK) for details of the Reverse Mortgage Programme and for a preliminary eligibility assessment.
Make an appointment and meet with an eligible Reverser Mortgage Counsellor ( a HK practising solicitor). We can provide Reverse Mortgage Counselling Services.
Role of Reverse Mortgage Counsellor:
· Explain the general features of a reverse mortgage loan
· Explain the major rights and obligations of the intended borrower(s) of the reverse mortgage loan
· Explain the legal consequences of taking out a reverse mortgage loan.
· Issue a Counselling Certificate (Original) (with a validity of 6 months) to the intended borrower(s) of the reverse mortgage loan
For making an appointment with the Reverse Mortgage Counsellor, the following has to be communicated to the Counsellor:
· Information Pack & Information Sheet
· Indicative Loan Schedule
· Only speaks or understands a particular language/ dialect
· Any physical disability,
· Any other information as required by the counsellor before a counselling session is confirmed eg whether the Property is subject to any actual court cases/ disputes or potential court cases/ disputes, an 3rd party occupier in the Property
Estimated time for the reverse mortgage counselling session: around 1 hour
After obtaining the Counselling Certificate, the intended borrower(s) can then decide whether to make a formal application of the reverse mortgage loan.
The borrower(s) is/are also required to complete a health questionnaire conducted by the HKMCI before completion of the loan transaction.
After the reverse mortgage loan application is approved, mortgage documents and other related legal documents will have to be executed by the borrower(s) with a firm of solicitors (different from the one which has provided Reverse Mortgage Counselling Services).
For Reverse Mortgage Counselling Services, please contact Chow & Cheung, HK Solicitors & Notaries.
Tel: + 852 2856 3799 Email: firstname.lastname@example.org
The above contents do not constitute any legal advice nor any representation of our services. Transmission or receipt of this information is not intended to create or constitute a lawyer-client relationship between Chow & Cheung and the user or browser and/or any third party. Chow & Cheung is not responsible for any third party content which can be accessed through the website.