The Reverse Mortgage Deed is a specialized legal instrument used in Hong Kong when elderly property owners wish to monetize their property value while continuing to live in their homes. This document is essential for implementing the Hong Kong Mortgage Corporation's Reverse Mortgage Programme, which enables homeowners aged 55 or above to borrow against their property's value without making regular repayments. The deed must comply with Hong Kong's property law, banking regulations, and HKMC requirements. It covers crucial aspects such as loan calculations, property maintenance obligations, termination events, and security arrangements. The document is particularly relevant in Hong Kong's aging society, where property values are high and retirement planning is increasingly important. It includes specific provisions for protecting both the borrower's residence rights and the lender's security interests.
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1. Parties: Identification of the mortgagor (borrower), mortgagee (lender), and any guarantors
2. Background: Context of the reverse mortgage arrangement, reference to the property, and basic terms of the agreement
3. Definitions: Detailed definitions of terms used throughout the deed, including specific reverse mortgage terminology
4. Property Details: Full legal description of the mortgaged property and its title particulars
5. Loan Terms: Core terms of the reverse mortgage including payment structure, interest calculation, and loan advancement conditions
6. Security Creation: Legal provisions creating the mortgage security over the property
7. Borrower's Representations and Warranties: Statements and guarantees by the borrower regarding their capacity, property ownership, and eligibility
8. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance, insurance, and occupancy requirements
9. Events of Default: Circumstances constituting default and their consequences
10. Termination Events: Circumstances leading to termination including death, permanent move-out, or sale of property
11. Power of Sale: Lender's rights and procedures for selling the property upon termination or default
12. Costs and Expenses: Allocation of various costs including legal fees, valuation fees, and ongoing expenses
13. Notices: Requirements for giving valid notices under the deed
14. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction
1. Guarantor Provisions: Required when there is a guarantor for the reverse mortgage obligations
2. Joint Borrowers: Required when the property is jointly owned and both owners are borrowers
3. Life Insurance Requirements: Required when life insurance is mandated as part of the reverse mortgage arrangement
4. Power of Attorney: Optional section granting power of attorney to lender in specific circumstances
5. Foreign Currency Provisions: Required when the loan facility is provided in a currency other than Hong Kong Dollars
6. Additional Property Usage Rights: Required when specific property usage rights are granted to the borrower beyond standard occupancy
1. Schedule 1 - Property Description: Detailed legal description of the property including lot number, address, and registered title details
2. Schedule 2 - Loan Calculation and Payment Terms: Detailed formulas and methods for calculating loan advances and interest
3. Schedule 3 - Insurance Requirements: Specific requirements for property insurance and any other required insurance
4. Schedule 4 - Property Maintenance Standards: Detailed standards for property maintenance and upkeep obligations
5. Schedule 5 - Fees and Charges: Comprehensive list of all applicable fees and charges
6. Appendix A - Required Forms: Standard forms for notices, payment requests, and other formal communications
7. Appendix B - Valuation Methodology: Agreed methodology for periodic property valuations
8. Appendix C - HKMC Requirements: Specific requirements and guidelines from the Hong Kong Mortgage Corporation
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