It really is home sweet home (note 2) for the elderly aged 60 or above under a HKMC reverse mortgage program (掉換房子抵押計畫)。.
They can now get a monthly income (每月有入息) to cope with (應付) the spiraling costs (一路上升) of living expenses while living in the comfort of (note 3) their own home, as long as (只要) it is under 50 years old.
In announcing details, Hong Kong Mortgage Corp chief executive James Lau yesterday set the interest rate at prime (最優惠利率) minus 2.5 percent. That is higher than the prime minus 2.7 percent that HSBC charges for a "normal" mortgage (一般按揭), a premium attributable to (歸咎於) higher risks. Applicants will have to stump up (note 4) for two forms of insurance (買兩種保險).
The first premium (保險金) applies annually between the fourth and the tenth year, with each payment amounting to 0.28 percent of a property's value, or HK$2,800 for a home worth HK$1 million. The second is a monthly premium that comes into force from the very start at an annual rate of 1.25 percent of the outstanding loan amount, or HK$1,000 for an outstanding loan of HK$1 million.
Applicants can opt for (note 5) 10, 15 or 20-year terms or for the rest of their lives (餘生). Payment terms are flexible, but any changes attract a HK$1,000 handling fee. A couple under a 10-year plan can get HK$3,300 to HK$4,600 - depending on their ages - for every HK$1 million of the property's value, after deductions for fees and premiums.
Those taking it to the limit will receive HK$1,800 to HK$2,800. Banks will auction off (note 6) the properties upon their deaths and return any remaining proceeds (剩餘價值) to their families. Applicants will have to go through a counselling service (note 7) with one of 85 chosen lawyers, with each session (每次會面) costing HK$3,000.
From good to better English:
(note 1) Sweeter life=更美好的生活，因為用房子抵押每月可以拿到數千元來消費。Sweet=愉快的，快樂的，暢快的。sweet chatter=sweet patter=花言巧語。have a sweet tooth=愛吃甜品。the sweet and the bitter of life=人生的苦樂。
(note 2) home sweet home= (安樂窩) An environment offering security and happiness。a home away from home= 像在家裡一樣安適和自由的地方。home economics= 家政學。home ground =自己的地盤。home in = 朝向。home page= 主頁。home shopping= 指電視電話郵購或電腦購物。home stretch= 最後階段。Make yourself at home=自在
(note 3) in the comfort of=感到舒服。Comfort=舒適，愉快。cold comfort=聊勝於無的安慰。give comfort to=安慰。
(note 4) stump up=不情願地付出。up a stump=被難住, 陷入困境。 Leung Chun-ying has been on the stump lately= 梁振英最近頻頻做巡迴政治演說。
(note 5) opt for=選擇。opt out=撤退，退出，辭職。
(note 6) auction off=拍賣(sold to the highest bidder)。a public auction=公開拍賣。put up to auction=交付拍賣。
(note 7) counselling service=商議、勸導等服務。Victor takes counsel of his heart, but not of his head=Victor往往感情用事而不理智。
Victor’s View: Reverse mortgage scheme has been around in western countries for a long time. I am glad that finally the Hong Kong Mortgage Corp will offer such service to the aged, who might own a flat but have no cash for daily living. This scheme will guaranteed they’ll have a relatively comfortable life than what they have at present.
(Victor Fung Keung, director of HK Baptist University’s M.A. in international journalism program, has published 3 books on English-enhancement and plans to write 7 more by the end of 2012. Write to him: deanfungenglish@gmail.com)
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