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安老按揭是政府特別為長者而設的貸款安排,在2011年推出。這一節《長者法網智多聲》,就為大家介紹這個計劃。

參加安老按揭的借款人,可以利用在香港的自住物業,作為抵押品,向參與銀行申請安老按揭貸款。借款人可以在固定年期內,每月拿到一筆錢,年期可以是10年、15年、20年、以至百年歸老。遇到特別情況,也可以拿一筆過貸款。借款人仍然是物業的業主,可以繼續住在那裡,直至百年歸老。

除非借款人永遠搬離那個物業,或有其他原因令安老按揭終止,否則借款人可以終身不用還錢。而借款人的繼承人,如果想贖回物業,可以在借款人百年歸老之後,選擇在一定期限之內,歸還按揭。

一般來說,年滿55歲、持有有效香港身份證、沒有破產、沒有涉及破產呈請或債務重組的人,都可以申請安老按揭。而用作抵押的物業,必須要由借款人以個人名義持有,或與另外最多兩人聯名持有,而借款人是在物業內居住。物業的樓齡不可以超過50年,沒有放租、並且沒有任何轉售限制。如果老友記的物業是未補地價的自置公屋或居屋,老友記必須年滿60歲或以上才可以申請安老按揭。

至於借款人每個月可以拿到多少錢,就視乎他打算參與計劃多少年、物業的樓齡和價值。

舉例說,如果物業價值300萬元,申請人60歲,打算做十年安老按揭的話,他每個月就可以拿到一萬一千多元。如果打算參與計劃直至百年歸老的話,每個月就會拿到六千元。而兩個人一起參加計劃,就會以較年輕的借款人的歲數去計算。如果想知道更詳細一些,可以到香港按揭證券有限公司的網頁看看,長者社區法網文字版有提供超連結。

有興趣申請安老按揭的老友記,首先要聯絡參與銀行,由銀行向您解釋詳情,初步評估您是否符合申請資格。您之後要約見合資格的安老按揭輔導法律顧問,顧問會講解安老按揭的特點、主要法律權益和責任,以及獲得安老按揭貸款之後,有甚麼法律後果。完成安老按揭輔導的申請人,會獲頒發輔導證書。拿到證書之後,就可以到任何一間參與銀行,正式申請安老按揭。銀行批核了,借款人簽好所有按揭文件,就可以拿到安老按揭貸款。借款人在申請時,要支付利息、按揭保費和輔導費等費用。

香港按揭證券有限公司準備了一份「重要通知」,在申請安老按揭之前,記得要小心看清楚。這份通知可以在長者社區法網文字版下載。這一節就講到這裡。拜拜。

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Assignment of life insurance policy

Reverse mortgage

The borrower may choose to assign his life insurance policy to the bank as an extra collateral in addition to his residential property under a reverse mortgage. The additional collateral will increase the amounts of monthly and lump-sum payouts of the reverse mortgage loan.

The amount recoverable under a life policy assignment to be used by the bank for repayment of reverse mortgage loan is limited to the cash surrender value of the life insurance policy.

There is no limit on the number of life insurance policies for assignment but the aggregate amount of cash surrender value is capped at the specified property value of the property under the reverse mortgage loan.

The assignment can be made at the time of application for a reverse mortgage loan or at any time before the reverse mortgage loan is terminated.

The option of life insurance policy assignment is available only when the number of borrower is not more than two. It is necessary that the beneficiary of the borrower’s life insurance policy be the borrower himself or his own estate in the case of a single-borrower application, or the co-borrower in the case of a joint-borrower application. The borrower is required to arrange with his insurance company to change the beneficiary as necessary.

When there are two borrowers, the amount of the monthly annuity payment will depend on the age of the younger borrower. The entry age of the younger partner is used for calculation.

In general, when the reverse mortgage loan terminates and the sale proceeds from the property are insufficient to repay the total outstanding loan amount in full, the bank will apply the payment derived from the life insurance policy, up to the then available cash surrender value, to recover any shortfall. However, if any shortfall still remains after such repayment, it will be borne by the HKMC under an insurance arrangement between the bank and the HKMC. In any case, any surplus after full repayment of the reverse mortgage loan shall be returned to the borrower (or his inheritors).

The borrower may apply for the release of his life insurance policy assigned to the bank under the reverse mortgage loan at any time subject to the payment of a handling fee. There is no penalty for such release.

Eligibility Criteria for Assignment of Life Insurance Policy

In general, the life insurance policy eligible for assignment must:

  1. be taken out by the borrower as both the policyholder and the insured
  2. be issued by an authorized insurer in Hong Kong
  3. be denominated in Hong Kong Dollars or United States Dollars
  4. have accrued a cash surrender value which is non-decreasing for the remaining term
  5. have the premium fully paid-up by the policyholder (Note)
  6. not be associated with any investment features; and
  7. be assignable and not contain any restriction on change of beneficiary

(Note) If the borrower’s life insurance policy has not been fully paid up and/or has a policy loan granted by the insurance company, the borrower may apply to borrow a lump-sum payout to fully pay up the life insurance policy and/or repay the policy loan at the time of application for assignment.

Payout Amount of Reverse Mortgage with Assignment of Life Insurance Policy

The amount of monthly and lump-sum payouts for a reverse mortgage loan secured by a property and the assignment of life insurance policy is solely determined by the HKMC with reference to the specified property value and the applicable cash surrender value of the life insurance policy at the time of loan application.

For every HK$1 million of the property’s value plus HK$1 million of cash surrender value, the indicative monthly payment amount for borrowers at the entry age of 55, 60 or 70 are as follows (Note):

Term of annuity payment

Amount of monthly annuity payment (HK$)

One borrower

Two borrowers

55 years old

60 years old

70 years old

55 years old

60 years old

70 years old

10 years

$5,520

$6,500

$9,100

$4,800

$5,780

$8,200

15 years

$4,160

$4,920

$6,840

$3,670

$4,340

$6,220

20 years

$3,570

$4,200

$5,860

$3,080

$3,700

$5,320

Life annuity

$2,850

$3,520

$5,500

$2,490

$3,080

$4,960

(Note) The monthly payout amounts are solely determined by the HKMC on a case-by-case basis and may be different from the indicative levels.

Examples

Example 1

When there are two borrowers, the amount of the monthly annuity payment will depend on the age of the younger borrower. The entry age of the younger partner is used for calculation.

Borrower(s) and entry age

Husband aged 70 and wife aged 60

Payment term

10-year

Property value

$6,000,000

Cash surrender value at application for assignment of life insurance policy

$6,000,000

Monthly payout amount

$5,780 x 6 = $34,680

 

Example 2

The property value used for calculation is capped at HK$15 million. Even though the property value in this example is HK$28 million, the monthly payment will be determined as if the property were worth HK$15 million.

Borrower(s) and entry age

Husband aged 70 and
wife aged 70

Payment term

20-year

Property value

$28,000,000

Cash surrender value at application for assignment of life insurance policy

$15,000,000

Monthly payout amount

$5,320 x 15 = $79,800