HF Provided Consultancy for the Upcoming Reverse Mortgage Adoption in Malaysia

- Enhanced housing finance cooperation and exchanges via video conference with Cagamas

Malaysia sets to release a reverse mortgage, which enables borrowers to convert their home equity into cash by having their houses as collateral and receiving lifetime annuities.

Korea Housing Finance Corporation(HF, CEO Choi Joon Woo) said on Dec 3 that it held a video conference to provide consultancy to Cagamas Berhad*, a government housing finance institute of Malaysia, for its upcoming release of reverse mortgage product in the country. (Photo attached.)

  * Housing finance institution in Malaysia, established in 1986 under the Central Bank of Malaysia, to purchase bonds and issue securities.

The conference was held at the request of Cagamas Berhad for knowledge-sharing with its launch of reverse mortgage at the end of this year. CEOs of two institutions and working-level staff attended the conference to discuss related agenda, including; ▲characteristics of Cagamas Reverse Mortgage and operation plan ▲pricing mechanism of Korean Home Pension ▲its payment options and ▲introduction of non-contact Home Pension Application System.

HF CEO Choi commented, “The aging population is a global phenomenon. To prevent and address senior poverty, Malaysia made a great decision to adopt reverse mortgage. I believe the program will contribute to the advancement of housing finance market and housing welfare of the low-to-moderate income households in the country.”

In the meantime, HF plans to send its staff to Cagamas Berhad from next year to support advancement of housing finance market and explore new business opportunities in Malaysia. It will be conducted under the HF-Cagamas mutual HR exchange program, under which Cagamas Berhad also will dispatch its staff to HF for expertise building.

<Photo>

HF held a video conference with Cagamas Berhad at the HF East Metropolitan Regional Headquarters, Sejongdae-ro, Seoul, to provide reverse mortgage consultancy. As in the previous year, the conference was held in a non-contact format. In the photo, HF CEO Choi Joon Woo is presiding the conference with the company video conference system.