[Novice Teaching]2 Minutes to Learn Mortgage for the Elderly | Hong Kong 香港



What is a mortgage for the elderly? The Elderly Mortgage Plan is a reverse mortgage. It is operated by a mortgage company and allows property owners over 55 to use their properties as collateral in exchange for loans, while continuing to live in the property until they are old. Applicants can either choose a fixed term (10, 15 and 20 years) to obtain a monthly annuity, or withdraw a mortgage loan in one go, and can also choose whether to repay the property to redeem the property, which is extremely flexible. Eligibility? The plan is only for senior citizens aged 55 or above to apply. If you are a subsidized housing owner who has not paid the land premium, the application age will be raised to 60 years old. The applicant is not bankrupt or involved in debt restructuring. The property must be a residential property in Hong Kong, and properties such as shops, industrial buildings, and parking spaces are not allowed. The building age must be under 50 years. If the building age exceeds 50 years, a building inspection report must be submitted for approval by the bank. The mortgaged property is only for self-occupation. Even owners who own multiple properties can only apply for a reverse mortgage monthly annuity. How to calculate? Generally, the higher the property value, the higher the monthly annuity. Since the amount of the annuity will not be affected by changes in property prices, interest rates, inflation or other factors during the selected period, it is more difficult to apply for a mortgage for the elderly during the booming property market. It is worth noting that for properties currently valued at no more than 8 million yuan, 100% of the property valuation can be used to calculate the annuity. As for properties over 8 million, the valuation will be discounted first when calculating the annuity. In addition, the higher the age of the borrower’s participation in the plan, the more annuities they can receive each month. Assuming applying for a 10-year annuity mortgage for the elderly, based on the value of every 1 million property, a 55-year-old borrower can get 3,200 yuan a month, a 60-year-old borrower can get 3,700 yuan a month, and a 70-year-old borrower can get 5,100 a month. Yuan income. That is, if a 60-year-old borrower holds 6 million properties, he can get 22,200 yuan per month. The amount of the annuity is also affected by various factors such as the number of borrowers and the chosen annuity period. If you are interested in applying for an elderly mortgage, you can first find a professional mortgage consultant for evaluation, calculate the monthly annuity amount, interest and mortgage premium, and fully understand your rights And responsibility before submitting the application. 📌 If you have any questions about the property market or mortgage, please leave a message below, or contact our online customer service for inquiries: ▄▄▄▄▄▄▄⭐️ Featured videos⭐️ ▄▄▄▄▄▄▄▄ 📺[Newbie Teaching]Purchase expenses other than the first phase! 📺【Novice Teaching】Master the basic building inspection skills in 3 minutes📺【Novice Teaching】7 Reasons to Borrow a Mortgage 📺【Novice Teaching】Housing Mortgage Crash Course! Go to the official website of ” HongKongFloorPlans”: Subscribe to ” HongKongFloorPlans” YouTube channel: Like ” HongKongFloorPlans” Facebook page: Follow ” HongKongFloorPlans” Instagram account: follow public account :Meilian_hk ( HongKongFloorPlans Hong Kong)

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