The Hong Kong Mortgage Corporation Limited (HKMC) announced today (Thursday) certain enhancements to the Reverse Mortgage Pilot Scheme being developed by the Corporation. These enhancements are outlined below:
Mr Peter Pang, Executive Director of the HKMC, said, "Given the ageing population, post-retirement financial planning is becoming more important. The Reverse Mortgage Pilot Scheme can provide one more alternative for the elderly to opt to receive a steady cash flow to improve their quality of life while staying in their own homes during their life time. We will proactively discuss with banks to finalise the details and launch the scheme in mid-2011."
More details of the scheme are set out at Annex C.
The Hong Kong Mortgage Corporation Limited
24 February 2011