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The Hong Kong Mortgage Corporation Limited

Policy Reverse Mortgage Calculator

IMPORTANT: All information and figures generated by the calculator are for reference and illustration purposes only and should not be relied upon as an accurate indication of the actual amounts of payouts. They are generated based on certain assumptions and may vary based on the relevant policy documents and other applicable terms and conditions.


Neither the Lender nor HKMC Insurance Limited (HKMCI) makes any representation or warranty whatsoever and shall have no responsibility as regards any such information or figures. They do not constitute any offer, solicitation or recommendation to take out any policy reverse mortgage loan or buy any insurance product. Any application for a policy reverse mortgage loan is subject to the approval by the Lender at its sole discretion. You should not make any decision based solely on the information or figures generated by the calculator and may wish to seek independent and professional advice before making any decision.




HK$
$$$$
HK$
Hong Kong Prime Rate3 minus 2.5% per annum, which is currently 3% 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
HK$
(optional)


For further details about the Policy Reverse Mortgage Programme, please contact Participating Institutions or HKMCI.


Notes:

  1. Death Benefit of Life Insurance Policy at Application (a) means the death benefit of the Life Policy payable by the Insurance Company, the amount of which the HKMCI may determine in its absolute discretion at application stage by reference to the latest Life Policy Documents and/or such other information made available by the Insurance Company. Where Death Benefits of all Life Policies in aggregate exceeds HK$15 million, the ultimate amount of Death Benefit of Life Insurance Policy at Application is determined by the HKMCI at its sole discretion.
  2. Specified Policy Value means a figure in multiples of HK$10,000 which, by default, equals to the amount of the Death Benefit of Life Insurance Policy at Application as determined by the Insurer, or any lower amount chosen or accepted by you.
  3. Hong Kong Prime Rate means the rate as specified by the HKMC from time to time.
  4. Lump-Sum Payout is the lump-sum amount which you may borrow at first drawdown or at any time during the Payment Term for any purposes, such as (i) repayment of an existing policy reverse mortgage immediately before first drawdown, (ii) repayment of outstanding policy loan of Life Policy, (iii) payment of any unpaid premium (whether due or not) of Life Policy, (iv) full repayment of the amount of indebtedness under your individual voluntary arrangement immediately before first drawdown, or (v) any other purposes. 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.
  5. The maximum amount of Lump-Sum Payout at 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 Policy Value, the Payment Term, your age and the aggregate amount of Monthly / Lump-Sum Payouts you have received.
  6. The Payout Level is prepared on the assumptions that (a) there is no change of interest rate and payment term; (b) there is no Lump-Sum Payout other than the one at first drawdown (if any); and (c) no other fees and expenses (such as fees and expenses charged by the insurance company of his life insurance policy for any necessary arrangement relating to the assignment of his life insurance policy), which may be posted to the Outstanding Loan Balance, is posted to the Outstanding Loan Balance.
Remarks:

  • Monthly Mortgage Insurance Premium is charged on a monthly basis at 1% 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.
  • Upfront Mortgage Insurance Premium is charged at the rate of 1% on the Specified Policy 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 5 equal annual instalments (each calculated at the rate of 0.2% on the Specified Policy Value) and such reimbursement amounts will be posted to the Outstanding Loan Balance on the 1st, 13th, 25th, 37th and 49th Monthly Payout Dates respectively.