Bank of China (Hong Kong) Offers Reverse Mortgage Programme Launched by the Hong Kong Mortgage Corporation Limited
11 Jul 2011
Bank of China (Hong Kong) Limited ("BOCHK") announced the provision of the Reverse Mortgage Programme launched by the Hong Kong Mortgage Corporation Limited to enrich its mortgage product offerings to meet the needs of customers at different stages of life. The Bank accepts customer applications starting from today.
The Reverse Mortgage Programme allows elderly people aged 60 or above to enjoy greater financial flexibility after retirement by pledging their self-occupied residential property in Hong Kong as security for a mortgage loan from the Bank. Borrower will receive monthly payouts over a payment term of either a fixed period of 10, 15 or 20 years or his/her entire life, or may receive the loan on a lump-sum basis according to his/her needs. The interest rate of the loan is determined by the Hong Kong Mortgage Corporation Limited. While continuing to live in the mortgaged property for the rest of life, the borrower is not required to repay the outstanding loan balance unless the reverse mortgage loan is terminated under certain specified circumstances. In addition, no penalty will be imposed if the borrower fully repays the outstanding loan amount and redeems the mortgaged property at any time.
For Reverse Mortgage Programme application, please call BOCHK Customer Service Hotline 2278 3399 or Nanyang Commercial Bank Customer Service Hotline 2622 2633 or visit any of the branches of BOCHK or Nanyang Commercial Bank for details. BOCHK and Nanyang Commercial Bank will assign designated staff to explain the Programme details to customers and arrange application.
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About Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited ("BOCHK"), established on 1 October 2001, is a leading listed commercial banking group in Hong Kong. With nearly 270 branches, 540 ATMs and other distribution channels in Hong Kong, BOCHK and its subsidiaries offer a comprehensive range of financial products and services to individual and corporate customers. BOCHK is one of the three note issuing banks in Hong Kong. In addition, the BOCHK Group (comprising BOCHK, Nanyang Commercial Bank and Chiyu Banking Corporation) and its subsidiaries have 25 branches and sub-branches in the Mainland of China to provide cross-border banking services to customers in Hong Kong and the Mainland. BOCHK is appointed by the People