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Who is eligible for a reverse mortgage loan?

Reverse mortgage

The borrower must:

  • be the holder of valid Hong Kong Identity Card;
  • be aged 55 or above (or aged 60 or above for owners of subsidised sale flats with unpaid land premium); and
  • not be an undischarged bankrupt or otherwise subject to a bankruptcy petition or individual voluntary arrangement.

The property used for the reverse mortgage:

  • must be held in the name of the borrower, or in the joint names among the borrower and up to 2 co-borrowers as joint tenants;
  • must not be more than 50 years older subject to any resale restrictions (except for the alienation restriction of subsidised sale flat imposed by the relevant authority);
  • must not be rented out unless with the bank’s written approval; and
  • must be occupied by the borrower as his principal residence in Hong Kong.

** Properties over 50 years old are considered on a case-by-case basis and subject to building inspection.

Joint ownership

  • The maximum number of borrowers is three persons, which can be spouses, siblings or unrelated parties.
  • If one person owns a property jointly with another person, both owners must be parties to the reverse mortgage loan.
  • All borrowers must be able to satisfy the relevant eligibility criteria.