JTYK Monthly Payments to Be Adjusted from March 4, 2019
- Date 2019-01-23
- Views 9,841
JTYK Monthly Payments to Be Adjusted from March 4, 2019
- 1.5% drop in the amount for new JTYK subscribers
- No change in the amount for existing JTYK subscribers
The monthly payment amounts under the JooTaekYeonKeum (JTYK) reverse mortgage scheme will be adjusted for those who newly apply for the scheme from March 4, 2019, onwards.
Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced on January 23, 2019, that it will adjust the amount of JTYK monthly payments for those who apply for JTYK subscription starting from March 4, 2019, in consideration of a rise in home prices and life expectancy.
After the adjustments, monthly payouts for JTYK subscribers will decrease by an average of 1.5%.
The adjustments were made to reflect the rising life expectancy, as shown in the Life Table released last December by Statistics Korea, and increasing interest rates. The rising life expectancy of JTYK subscribers extends their payout period and interest rate hikes increase the total amount of their reverse mortgage loan, lowering the amount of their monthly payouts.
An HF official said, “Existing JTYK subscribers and those who will join our JTYK scheme by March 3, 2019, will receive the same amount of their monthly payouts. If there is anyone hesitant to join JTYK, it would be better to apply for it before the adjustments are made.”