JTYK subscription in February rose 46% from a year ago
- Date 2015-03-11
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JTYK subscription in February rose 46% from a year ago
- The cumulative number of new subscribers in January and February stands at 931, a 55.6% increase from the year before -
Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) announced on the 11th that 478 senior homeowners
signed up for its JooTaekYeonKeum reverse mortgage loan* in February alone.
* JooTaekYeonKeum (JTYK) is a state-guaranteed reverse mortgage loan in which senior citizens 60 years of age
or above provide their owned home 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.
The figure is up 46.1% from the same month last year (327 subscriptions→ 478 subscriptions), driving HF's
amount of guarantee under the program up by 65.9% from 350.5 billion won to 581.7 billion won. It is also
a 5.5% increase from the previous month (453 subscriptions→ 478 subscriptions), with its amount of guarantee up
by 5.6% from 550.7 billion won to 581.7 billion won.
In the first two months of this year, 931 senior citizens joined the program, a 55.6% increase from the same period
last year (598 subscriptions), and its amount of guarantees under the program for the period also rose 65.8%
from 682.8 billion won to 1.1324 trillion won.
An HF official said, “The number of subscriptions shot up right after the New Year's Holiday. It seems that
these new subscribers decided to sign up after discussions with their family during the holiday because
there is a growing consensus among the elderly and their family members that JTYK reverse mortgage provides
a secure income stream later in retirement."