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Reverse Mortgage Calculator

IMPORTANT: The information contained in the Payout Levels generated by the calculator is for reference and illustration purposes only and should not be relied upon as an accurate indication of the actual amounts of Monthly Payouts. All figures set out in the Payout Levels are estimates. Neither the Lender nor HKMC Insurance Limited (HKMCI) makes any representation or warranty whatsoever as regards the information set out in the Payout Levels and shall have no responsibility for its contents.


The Payout Levels does not constitute an offer from the Lender to the borrower for a reverse mortgage loan. Any application for a reverse mortgage loan is subject to the approval by the Lender at its sole discretion.




HK$
$$$$
HK$
Hong Kong Prime Rate3 minus 2.5% per annum, which is currently 2.875% per annum

Interest is calculated on the Outstanding Loan Balance on a monthly compound basis (Note: Hong Kong Prime Rate is quoted by The Hong Kong Mortgage Corporation Limited (HKMC) and is subject to change from time to time)
Lump-Sum Payout4:
Maximum amount5:
HK$ 0.00
Minimum amount5:
HK$ 100,000.00
HK$
(optional)


For further details about the Reverse Mortgage Programme, please contact any participating bank or HKMCI.


Notes:

  1. Appraised Property Value (a) means the value of the Property pursuant to the preliminary valuation conducted by the HKMCI and (b) if there is more than one Property mortgaged or to be mortgaged as security for a reverse mortgage loan, means the aggregate value of the Properties, subject to any adjustment the HKMCI may make at its sole discretion. If the Property is a subsidised sale flat with unpaid premium under a Designated Housing Scheme, the Appraised Property Value is subject to the following restrictions being imposed on the Property owner, after taking into account of the applicable Discount Rate:
  2. (a) the obligation to resell the Property to the Hong Kong Housing Authority or its nominee pursuant to the Housing Ordinance or the grantee of the Government Grant pursuant to the Government Grant (as the case may be); and


    (b) the obligation to pay premium to the Hong Kong Housing Authority or the grantee of the Government Grant (as the case may be) before or upon disposal of the Property.


  3. Specified Property Value means a figure in multiples of HK$10,000 which, by default, equals to the Appraised Property Value (or if the Appraised Property value exceeds HK$8 million, the relevant maximum amount of Specified Property Value as shown in the Table 1 below; or, for the refinancing of an existing reverse mortgage loan, the relevant maximum amount of Specified Property Value as shown in Table 2 below), or any lower amount chosen or accepted by you.


Table 1
Appraised Property ValueMaximum amount of Specified Property Value
HK$8 million or below100% of Appraised Property Value
Above HK$8 million and up to HK$12 millionHigher of 80% of Appraised Property Value and HK$8 million
Above HK$12 million and up to HK$16 millionHigher of 70% of Appraised Property Value and HK$9.6 million
Above HK$16 millionHigher of 60% of Appraised Property Value and HK$11.2 million (capped at HK$15 million)

Table 2
Appraised Property ValueMaximum amount of Specified Property Value
HK$12 million or below80% of Appraised Property Value
Above HK$12 million and up to HK$16 millionHigher of 70% of Appraised Property Value and HK$9.6 million
Above HK$16 millionHigher of 60% of Appraised Property Value and HK$11.2 million (capped at HK$15 million)


  1. Hong Kong Prime Rate means the rate as specified by the HKMC from time to time.
  2. Lump-Sum Payout is the lump-sum amount which you may borrow at first drawdown or at any time during the Payment Term for specific purposes (such as repayment of an existing mortgage immediately before first drawdown, payment for medical expenses or home improvement, repairs or maintenance of the property, fees payable to the relevant solicitors and medical practitioners in connection with the enduring power of attorney (EPA), the fees in connection with the application for a court order under Part II of Mental Health Ordinance (Court Order)), settlement of premium payment for subsidised sale property or purchase of interment right in columbarium and cemetery, as well as expenses for funeral services. Each time you borrow a Lump-Sum Payout, the amount of all subsequent Monthly Payouts will be reduced. If you request for and are granted the then maximum amount of Lump-Sum Payout whether at first drawdown or from time to time thereafter, you will not receive any Monthly Payout.
  3. The maximum and minimum amounts of Lump-Sum Payout at the first drawdown will be reduced during the Payment Term. The maximum amount is calculated by the HKMCI by reference to a number of factors including the Specified Property Value, the Payment Term, your age and the aggregate amount of Monthly / Lump-Sum Payouts you have received. The minimum amount is set at HK$100,000 or 15% of the then applicable maximum amount of Lump-Sum Payout, whichever is the higher amount. Such minimum amount requirement is not applicable to the payment of fees relating to EPA / Court Order.
  4. The Payout Levels is prepared on the assumptions that (a) there is no interest rate change; (b) there is no Lump-Sum Payout other than the one at the first drawdown (if any); and (c) no other fees and expenses (such as counselling fee, building inspection fee and legal fee), which may be posted to the Outstanding Loan Balance, is posted to the Outstanding Loan Balance.
Remarks:

  1. Monthly Mortgage Insurance Premium is charged on a monthly basis at 1.25% per annum on the Outstanding Loan Balance. You are required to reimburse the Lender for the Monthly Mortgage Insurance Premium payable by the Lender to the HKMCI under the relevant mortgage insurance arrangement, and each such reimbursement amount will be posted to the Outstanding Loan Balance.
  2. Upfront Mortgage Insurance Premium is charged at the flat rate of 1.96% on the Specified Property Value. You are required to reimburse the Lender for the Upfront Mortgage Insurance Premium payable by the Lender to the HKMCI under the relevant mortgage insurance arrangement by 7 equal annual instalments (each calculated at the flat rate of 0.28% on the Specified Property Value) and each such reimbursement amount will be posted to the Outstanding Loan Balance starting from the 4th anniversary of the reverse mortgage loan.