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E Home 5 Topics 5 Housing & Accomodation 5 Reverse mortgage 5 Key features of the reverse mortgage under the Reverse Mortgage Programme

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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。

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Key features of the reverse mortgage under the Reverse Mortgage Programme

Reverse mortgage

1. Flexible Payment term

The borrower can choose to receive monthly payouts for either a fixed period of 10, 15 or 20 years, or for his entire life, according to his needs. The borrower has the flexibility at any time during his existing payment term to apply to switch to another payment term.

2. Lump-sum payout

In addition to monthly payouts, the borrower may apply to borrow a lump-sum amount for a specific purpose, such as to fully repay an existing mortgage, to pay for repair or maintenance to his home, or to pay for medical expenses.

3. Flexible arrangement to rent out property

Mortgaged property can be rented out under specific circumstances for a higher income.

4. Lifetime home residence

After taking out a reverse mortgage, the borrower is still the owner of his property, and is entitled to continue to live in his home for the rest of his life.

If there are two borrowers and one of the borrowers has passed away, the surviving borrower is entitled to continue to live in the property for the rest of his life.

However, interest and mortgage insurance premium will be posted to the outstanding loan amount.

5. No repayment during lifetime

The borrower does not need to repay the outstanding amount during his lifetime, unless the reverse mortgage loan is terminated under certain specified circumstances.

6. No penalty for early repayment of loan

The borrower may repay the outstanding loan amount in full to redeem the property at any time with no penalty.

7. Six-month cooling-off period

The borrower may terminate the reverse mortgage loan for any reason within the first six months. Provided that the borrower notifies the lender within the first six months and repays the mortgage in full on the proposed repayment date, he will be given a refund and waiver of all mortgage insurance premiums. However, the borrower still needs to pay the accrued interest, financed fees (if any) and the relevant fees in relation to the termination of the reverse mortgage loan.