"Requirements for JTYK eligibility to be loosened starting March 10th"

Temporary double-homeowners due to inheritance, moving and other factors are allowed to join JTYK on the condition that they will sell one of the homes; those owning commercial-residential and other mixed-use buildings as well as housing within current and scheduled urban planning facility zones (e.g. road, park) can also join JTYK

Starting from the 10th, temporary double-homeowners due to inheritance or moving will be allowed to subscribe to the JooTaekYeonKeum (JTYK) reverse mortgage loans. JTYK will also be available to the owners of commercial-residential buildings and other mixed-use buildings.

On the 4th, the Korea Housing Finance Corporation (KHFC) announced that, starting from the 10th, those who are temporary double-homeowners for inevitable reasons (e.g. inheritance, moving, etc.) may also join the JTYK scheme on the condition that they sell one of the houses within three years. The maximum value of eligible housing will be kept at the current level of 900 million won.

In addition, JTYK is now open to commercial-residential buildings and other mixed-use buildings which have so far been ineligible for JTYK subscription. These mixed-use buildings, however, will be deemed eligible only when their residential area accounts for more than half of their entire area.

In the past, those owning housing within current or scheduled urban/county planning facility zones (e.g. road, park) were restricted from joining JTYK. With the recent policy shift, they can now subscribe to JTYK until the approval of execution plans when the implementation of projects becomes finalized.

"The loosened requirements for JTYK subscription were intended to support the stable post-retirement lives of senior citizens, most of whose assets are tied up in real estate," stated one KHFC official. "As the baby boom generation starts retiring, the demand for JTYK will keep growing. We at KHFC will continue to improve the scheme so it can fulfill its role as a safety net for people's later lives."

For more information, call KHFC's call center (1688-8114) or contact any of its branches nationwide (see the KHFC website).