"Reverse Mortgage" Era Opens

  The launch of reverse mortgages on July 12 marks a new era for home owners aged 65 or older.

  With a reverse mortgage, a home owner can receive an annuity for the remainder of their life. On July 11, KHFC held a "Ceremony to Mark the Launch of Reverse Mortgages" and a "Business Agreement Signing Ceremony" in the presence of Kwon Oh-kyu, Deputy Prime Minister and Minister of Finance and Economy,  and CEOs of other financial institutions. Sales of reverse mortgage products began at financial institutions on July 12.

  Reserve mortgages allows senior citizens aged at least 65 to put up their homes as security and receive funds for living expenses from financial institutions in the form of an annuity. It is expected to stabilize the housing situation as well as living conditions of senior citizens who own houses but lack cash income.

  Sales of reverse mortgage kicked off smoothly as senior citizens showed a great deal of interest. On July 12 alone, the first day reverse mortgages were offered, a total of 805 customers made inquiries through phone calls or personal visits at the call center or branches and the strong interest was sustained the next day with 477 inquiries.