![]() Each time you borrow a Lump-Sum Payout, the amount of all subsequent Monthly Payouts will be reduced. Lump-Sum Payout is the lump-sum amount which you may borrow at first drawdown or at any time during the Payment Term for any purposes, such as (i) repayment of your existing mortgage loan secured on the property, (ii) settlement of premium of the property (applicable to subsidised sale flat) for removal of alienation restrictions, (iii) repayment of the amount of indebtedness under your individual voluntary arrangement or (iv) any other purposes.Hong Kong Prime Rate means the rate as specified by the HKMC from time to time.(b) 80% of Appraised Property Value (capped at HK$25 million) (a) Sum of HK$8 million and 50% of portion exceeding HK$8 million, and Maximum Amount of Specified Property Value Specified Property Value means a figure in multiples of HK$10,000 which, by default, equals to the Appraised Property Value (or if the Appraised Property value exceeds HK$8 million, the relevant maximum amount of Specified Property Value as shown in the Table 1 below or, for the refinancing of an existing reverse mortgage loan, the relevant maximum amount of Specified Property Value as shown in Table 2 below), or any lower amount chosen or accepted by you.(b) the obligation to pay premium to the Hong Kong Housing Authority or the grantee of the Government Grant (as the case may be) before or upon disposal of the Property. (a) the obligation to resell the Property to the Hong Kong Housing Authority or its nominee pursuant to the Housing Ordinance or the grantee of the Government Grant pursuant to the Government Grant (as the case may be) and If the Property is a subsidised sale flat with unpaid premium under a Designated Housing Scheme, the Appraised Property Value is subject to the following restrictions being imposed on the Property owner, after taking into account of the applicable Discount Rate: Appraised Property Value (a) means the value of the Property pursuant to the preliminary valuation conducted by the HKMCI and (b) if there is more than one Property mortgaged or to be mortgaged as security for a reverse mortgage loan, means the aggregate value of the Properties, subject to any adjustment the HKMCI may make at its sole discretion. ![]() ![]() You can find a list of our lender members by clicking here. The National Reverse Mortgage Lenders Association (NRMLA) is not a licensed lender or broker and does not make or offer loans. Upon choosing a lender and applying for a HECM, the consumer will receive from the loan originator additional required cost of credit disclosures providing further explanations of the costs and terms of the reverse mortgages offered by that originator and/or chosen by the consumer. You might find reverse mortgage originators that offer higher or lower margins and various credits on lender fees or closing costs. The lender will add a “margin” to the index to determine the rate of interest actually being charged. The “index” (our calculator uses the Monthly Adjusted LIBOR, which is a common index used in the market) will adjust regularly, as market interest rates move up or down. Interest rates on variable rate HECM loans are comprised of two components, an index and a margin. Lenders might also offer different options on interest rates and fees. Note these closing costs can and do vary by geographic area or region. The rates and fees shown are not the actual rates you might be offered by any particular lender, but generally represent rates that may be available in the market today, with the maximum origination fee allowable under HUD rules reflected for illustrative purposes only, along with an estimated FHA Mortgage Insurance Premium for a loan based upon the home value provided, and estimated recording fees and taxes, and other types of closing costs typically associated with a reverse mortgage loan. It is intended to give users a general idea of approximate costs, fees and available loan proceeds under the FHA Home Equity Conversion Mortgage (HECM) program. ![]() Please note: This calculator is provided for illustrative purposes only.
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