JTYK loan program issues its 10,000th loan

- The oldest JTYK borrower is a grandmother 107 years old -

The JTYK loan program, a reverse mortgage that allows senior homeowners to get a lifetime pension against their home equity, issued its 10,000th loan. This was achieved in five years since the loan was first introduced in July 2007.

The Korea Housing Finance Corporation (KHFC, CEO Seo Jong-dae) announced on August 7 that it issued its 10,000th JTYK loan the previous day to senior couple Kim Yong-ae (69) and Son Byeong-rye (68) who live in Dongjak-gu, Seoul.

A retired public official, Kim is currently receiving public service pension. After seeing a promotional material on JTYK program, he applied for a loan to have enough money for retirement. Luckily, he became the 10,000th borrower.

KHFC organized a special event to congratulate the 10,000th issue of the JTYK loan and awarded the couple a gift card.

During the month of August, 16 KHFC branches nationwide are also expected to organize various customer appreciation events, including sending rice to seniors living alone and helping with household chores.

The reason for the JTYK loan quickly becoming established as a means of securing income among senior citizens is thought to be their changing desires, wanting to reduce the burden on their children with the JTYK reverse mortgage loan. Only a small percentage of seniors benefit from public pension and many have failed to prepare for old age as they had to support their families and educate their children in their younger years.