HKMC Insurance to continue reverse mortgage payouts for Wang Fuk Court homeowners

The insurance arm of the Hong Kong Mortgage Corporation said it is taking a flexible approach for homeowners at Tai Po’s Wang Fuk Court who have used their properties as collateral under the Reverse Mortgage Programme.
HKMC Insurance said that it will continue paying out their monthly annuities. Under the scheme, borrowers receive monthly payouts over a fixed term or for life, and may request lump-sum payments to meet personal needs.
The company expressed condolences over the recent incident and sympathies to affected residents.
Launched in 2011, the Reverse Mortgage Programme has received 8,776 applications as of the end of October. Borrowers are on average 69 years old, receiving about HK$15,900 per month.