JTYK Remains Intact Even If Homes are Completely Destroyed by Disaster or Fire 

- HF ensures a more financially stable retirement by improving its JTYK scheme

JTYK subscribers will be able to stay on their reverse mortgage scheme even if their collateralized home is destroyed or collapses in a disaster, explosion, or fire.      

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) stated on June 24, 2019, that it revised its reverse mortgage pension guarantee regulations to ensure a steady flow of pension income for retired seniors. According to the revision, JTYK subscribers can stay on their JTYK scheme even if their home is completely destroyed.    

Before the revision, JTYK subscribers had no choice but to terminate their JTYK scheme if their home was destroyed or collapsed in a disaster, explosion, or fire. After the revision, they have the choice to either terminate the scheme or continue to receive their existing JTYK monthly payment amount without interruption and then adjust the amount after moving to a new home.

Accordingly, JTYK subscribers who lose their home in a natural disaster may apply for a change of collateral after obtaining a certificate indicating the respective disaster and their loss of property from public service offices, such as a central or local government office, a fire station, or a police station. After the application of collateral change, the amount of their monthly payment is adjusted according to the difference in value between the new collateral and the original collateral.     

An HF officer said, “We hope that this revision will help JTYK subscribers who have lost their home in a disaster get back to a stable life. We will continue to work to ensure that JTYK subscribers can receive a stable stream of income throughout their lifetime.”