Multiple-Home Owners Now Eligible for Reverse Mortgage 

- Elderly homeowners with multiple properties worth 900 mn won or less now eligible for reverse mortgage on their primary residence -

From today, senior homeowners with two or more residential properties qualify for the government-guaranteed
JooTaekYeonKeum* program.
* JooTaekYeonKeum (JTYK) is a state-guaranteed reverse mortgage loan in which senior citizens 60 years of age or above provide
their owned homes as collateral and receive living expenses for their post-retirement life in the form of monthly pension benefits
either for the rest of their life or for a certain period of time.

Korea Housing Finance Corporation (HF, President Kim Jae-Chun) announced on the 3rd that older homeowners
with two or more residential properties with a combined value of 900 million won or less may be eligible to take
out a reverse mortgage on their principal residence. An HF official said, "When multiple-home owners take out
a reverse mortgage on their primary residence, they no longer need to sell off their other residential property.
This change is intended to address the growing concerns over fairness between those owning multiple low-price
homes and those owning a high-price home.”

With the change in the eligibility requirements, elderly second-home owners who have taken out a reverse mortgage
on their primary home under the condition that they sell off their second home within three years from this March
may keep their non-primary home if the combined value of their two properties stands at 900 million won or less.    

For more information, please contact us at 1688-8114 or visit one of our branch offices (please refer to our
webpage www.hf.go.kr).