According to the Housing Ordinance (Cap. 283), owners of HOS / PSPS flats shall not sell, let, mortgage or in any way alienate or part with possession of the flat within the 5-year alienation restriction period or after the said period without paying the premium. If owners wish to mortgage / remortgage their flats within the 5-year restriction period or after the said period without paying the premium, prior approval must be obtained from the Director of Housing who may impose such terms and conditions as he thinks fit in giving his approval. The terms and conditions must be complied with when the flat is mortgaged for the refinancing. Refinancing will only be allowed in cases of financial hardship in which an immediate sum of money is needed to meet personal or family expenses arising out of unforeseen circumstances such as:
Refinancing application on other grounds (such as personal financial problems) would be considered based on individual situation. After approval of refinancing application, it still rests on HOS / PSPS flat owners to apply for the allowable refinancing loans from banks or deposit-taking companies licensed or registered under the Banking Ordinance. HOS / PSPS flat owners should complete and return the Application Form and Requisition Form, administrative fee, documentary proof in respect of reason(s) for application and outstanding first mortgage loan of the flat to the respective District Tenancy Management Offices.
Besides, the Director of Housing has given “blanket consent” to all participating banks of the Reverse Mortgage Programme (RMP) of The Hong Kong Mortgage Corporation Limited (HKMC) and Hong Kong Mortgage Management Limited (HMML) to enter into reverse mortgage with eligible elderly owners of HA’s subsidised sale flats with premium not yet paid who are aged 60 or above. Elderly owners can use their flats with premium not yet paid as security to obtain a reverse mortgage loan from a participating bank or HMML.
Under the arrangement of the “blanket consent”, elderly owners who wish to refinance by joining HKMC’s RMP may directly approach the participating banks or referral banks of the RMP for application. For the details of RMP, please visit HKMC’s website –