Reverse mortgaging finally coming to Hong Kong

When I was studying in Toronto and learned about reverse mortgaging, I thought it was a great idea. I still do, but it took a long time for it to happen in Hong Kong. In 2010, the banks finally started looking into its potential. I don’t know if it will work, given that Chinese people are so attached to the few bricks over their head. A sense of security for a lot of older people comes from the knowledge that they have a roof over them. Will they be able to give up this certainty and trust the bank enough to do it?

There is an interesting story to share about reverse mortgaging. Jeanne Calment, a French woman who lived to age 122 (1875-1997), had the longest confirmed human life span in history. When she was 90, she sold her apartment to a lawyer, Andre-Francois Raffray, on a contingency contract. It was agreed that he would pay her 2,500 francs a month until she died, and then he would own the apartment. She outlived Raffray after receiving more than $180,000, more than double the market price.

For Reflections on Nursing Leadership (RNL), published by the Honor Society of Nursing, Sigma Theta Tau International.