- For consumer convenience, HF offers a ‘counseling reservation service’ and ‘pre-loan counseling with the  

  lender’



□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) stated on the 22nd that it will launch「HF

    Reverse Mortgage Package」on April 25, 2016. Offering three types of reverse mortgage options for home

    owners, the package is designed to help them pay off debt and ensure financial and residential stability

    throughout retirement.


 * 「HF Reverse Mortgage Package」 consists of three reverse mortgage options. The first option is ‘reverse

   mortgage for mortgage repayment,’ which allows senior citizens 60 years of age or older to borrow up to

   70% of their home's value in a lump sum for the repayment of their existing mortgage loan and to receive

   fixed monthly payments on the remaining value of their home. The second option is ‘Bogeumjari Loans

   convertible to JooTaekYeonKeum ("JTYK") Loans,’ which targets Bogeumjari Loan users in their 40s and 50s.

   This option offers an annual payment rate up to 0.3%p higher than the regular Bogeumjari Loans when these

   middle-aged users convert their Bogeumjari Loan into a JTYK Loan. The last option ‘JooTaekYeonKeum with

   favorable monthly payments’ is for older home owners whose home is valued at KRW 150 million or less.

   This option provides them with a favorable monthly payment rate up to 15% higher than the regular JTYK 

   loans.


□ To better assist applications and inquiries, HF offers customer-friendly services including ‘counseling

    reservation’ and ‘pre-loan counseling with the lender.’


□ In the case of counseling reservation, customers can schedule an appointment for counseling at their  

   preferred time without a long wait. Those interest in the HF Reverse Mortgage Package can call the HF Call

   Center (1688-8114) or visit its homepage (www.hf.go.kr) to make a reservation.

 

<「HF Reverse Mortgage Package」 Counseling Reservation>

➊ (Phone Call) Call the HF Call Center (1688-8114) or the nearest HF branch office for a preliminary     counseling session. (For those who want further counseling, HF offers phone call counseling at the    time of their choice, and during this phone call a reservation for an in-person consultation can be    made.) ➋ (Online) Visit the HF homepage (www.hf.go.kr) to schedule an in-person counseling session at the    nearest HF branch office or the key branch office (or the nearest branch office) of the preferred    lender

□ In the case of a pre-loan counseling session with a lending institution, HF helps potential applicants visit a

    bank near them first to get loan eligibility counseling and the necessary information on required application

    documents before their visit to an HF branch office for their final application, reducing their visits to an HF

    branch office and ensuring a swift application process. Those who want pre-loan counseling can visit the

    nearest key branch office of the following 12 banks.*


 * Banks with key branch offices: Kookmin Bank, Shinhan Bank, Woori Bank, KEB Hana Bank, Nonghyup Bank, 

   Industrial Bank of Korea, Busan Bank, Daegu Bank, Kyongnam Bank, Jeonbuk Bank, Kwangju Bank, and Jeju

   Bank


□ Among the three types of the HF Reverse Mortgage Package, ‘Bogeumjari Loans convertible to

    JooTaekYeonKeum Loans’ can be taken out at the nearest Bogeumjari Loan lending agency or online at the

    HF homepage (www.hf.go.kr) without a visit to a HF branch office as in the case of the regular Bogeumjari

    Loans.


□ To celebrate the launch of its HF Reverse Mortgage Package, HF is beginning a referral campaign program. 

    Under this program, existing JTYK customers will receive a gift for the new customers they refer, especially

    for the ‘reverse mortgage for mortgage repayment’ and ‘JooTaekYeonKeum with favorable monthly

    payments. ’This program is developed based on the fact that a considerable number of new JTYK customers

    are acquired through referrals made by their friends and acquaintances.*


 * According to the ‘2015 JTYK Demand Survey,’ JTYK subscribers were introduced to JTYK loans through their

   family members and acquaintances (55.5%), press coverage (39.3%), and advertisements (24.5%) (based on 

   multiple answers allowed).


□ An HF official said,“We are making every effort to give our potential customers a convenient, friendly

   experience. We expect that our new HF Reverse Mortgage Package will help more and more people in their

   40s and above prepare for retirement through debt repayment and enjoy a financially secure retirement with

   a stable flow of monthly payments on their mortgage.”