The Law Society of Hong Kong

COUNSELLORS FOR THE REVERSE MORTGAGE PROGRAMME
Updated: 8 August 2011

The Hong Kong Mortgage Corporation Limited ("HKMC") has launched the Reverse Mortgage Programme ("the Programme") on 11 July 2011.

Counselling Framework

To enable elderly homeowners to fully appreciate the salient features and legal implications of a Reverse Mortgage, the HKMC has developed a counselling framework within the Programme whereby as a prerequisite for an elderly borrower to enter into a Reverse Mortgage, he has to undergo a counselling process conducted by an eligible Counsellor under the Programme and obtain the issuance of a Counselling Certificate from the Counsellor.

The HKMC has prepared a Counselling Protocol to assist the Counsellors in providing counselling service. Solicitors acting as Counsellors must adhere to the terms of the Counselling Protocol in providing counselling service to elderly homeowners.

Please click the links below for the following documents:

Counselling Protocol (pdf format)

Counselling Questionnaire (English) (MS word format)

Counselling Questionnaire (Chinese) (MS word format)

Counselling Certificate (English) (MS word format)

Counselling Certificate (Chinese) (MS word format)

Eligibility Requirements of the Counsellor

To qualify to act as a Counsellor under the Programme, a solicitor must:

be the holder of a valid Practising Certificate issued by the Society in accordance with section 6 of the Legal Practitioners Ordinance (Cap. 159);

be in private practice with a solicitors’ firm with cover under the Professional Indemnity Scheme;

have a minimum of 5 years’ cumulative experience in private practice in Hong Kong;

have attended the requisite training course organized jointly by the Society / The Hong Kong Academy of Law and the HKMC; and

be on the list of Counsellors maintained by the Society.

Applications for Enlistment as Counsellors

Those meeting the eligibility requirements stated in paragraph 4 hereof and wishing to become Counsellors under the Programme should apply to the Society in the prescribed application form with payment of the prescribed fee. The application must be made within 6 months from the date of the requisite training course. Late Application will not be entertained. Any change or update in the information provided in the application must be notified to the Society within 14 days of the change or update.

Please click here for the prescribed application form

Counselling Fees (Updated 8 August 2011)

As a benchmark to establish a reasonable level of remuneration commensurate with the provision of counselling services of an acceptable and recognized standard and to enable both the public and practitioners to know the level when negotiating fees, the Council recommends that the counselling fee be set at the level of HK$5,000.

Enquiries

Enquiries on the operation of the Programme should be directed to the HKMC, with contact details as follows:

Address:	80th Floor, Two International Finance Centre, 8 Finance Street, Central, Hong Kong
Attention:	Reverse Mortgage Unit
Enquiry hotline:	25360136
Fax:	25360347

Any enquiries on the application to be listed as a Counsellor can be directed to the Assistant Director of Registration of the Society on 2846-0527.