JTYK Subscription Hits Record High in the First Half of the Year
- Date 2016-07-08
- Views 538
- Some 5,300 new subscribers added, a 74% increase from the first half of 2015
- A more than 90% increase in the number of subscribers not from the Seoul metropolitan area
□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) announced on the 8th that over 5,300 seniors
newly subscribed to its JooTaekYeonKeum (JTYK) reverse mortgage loan in the first half of the year. The figure
is an all-time high compared to any first half since the launch of the reverse mortgage program and almost
reaches 82% of the 6,486 newly added subscribers in 2015.
□ The exact number of seniors who have newly subscribed to JTYK in the first half of the year stands at 5,317, a
73.47% increase from the same period a year earlier (3,065). Indeed, JTYK subscription in the first six months
of the last five years has been on a steady rise: ▲ 2,379 in 2012, ▲ 2,567 in 2013, ▲ 2,472 in 2014, ▲ 3,065
in 2015, and ▲ 5,317 in 2016. At the same time, the number of newly added subscribers not from the Seoul
metropolitan area has also shown the same upward trend: ▲ 548 in 2012, ▲ 696 in 2013, ▲ 743 in 2014, ▲
925 in 2015, and ▲ 1,759 in 2016. In particular, the non-Seoul figure for the first half of the year represents
more than a 90% increase from the same period last year.
□ HF explains that the notable increase in JTYK subscription in the first six months of the year is due to the
launch of the “HF Reverse Mortgage Package.” Offering three types of reverse mortgage options, the Package
▲ allows seniors 60 years of age or older with mortgage loans to receive fixed monthly payments on the
remaining value of their home, ▲ offers older home owners whose home is valued at KRW 150 million or less
with an up to 15% higher monthly payment rate than the regular JTYK loans, and ▲ has eased the existing
subscription requirements to allow senior couples to purchase the reverse mortgage loan when one of the
spouses is 60 years old or above (according to the previous requirements, subscription was allowed to senior
couples only when the spouse with the ownership of the house is 60 years old or above).
□ An HF official said, “As JTYK is gaining attention as a reliable and stable option for post-retirement living, the
number of JTYK subscriptions is rising. We expect that the number will continue to increase, as we are going
to offer JTYK for senior homeowners whose home or residential unit is valued at KRW 900 million or above
from the second half of this year.”
- A more than 90% increase in the number of subscribers not from the Seoul metropolitan area
□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) announced on the 8th that over 5,300 seniors
newly subscribed to its JooTaekYeonKeum (JTYK) reverse mortgage loan in the first half of the year. The figure
is an all-time high compared to any first half since the launch of the reverse mortgage program and almost
reaches 82% of the 6,486 newly added subscribers in 2015.
□ The exact number of seniors who have newly subscribed to JTYK in the first half of the year stands at 5,317, a
73.47% increase from the same period a year earlier (3,065). Indeed, JTYK subscription in the first six months
of the last five years has been on a steady rise: ▲ 2,379 in 2012, ▲ 2,567 in 2013, ▲ 2,472 in 2014, ▲ 3,065
in 2015, and ▲ 5,317 in 2016. At the same time, the number of newly added subscribers not from the Seoul
metropolitan area has also shown the same upward trend: ▲ 548 in 2012, ▲ 696 in 2013, ▲ 743 in 2014, ▲
925 in 2015, and ▲ 1,759 in 2016. In particular, the non-Seoul figure for the first half of the year represents
more than a 90% increase from the same period last year.
□ HF explains that the notable increase in JTYK subscription in the first six months of the year is due to the
launch of the “HF Reverse Mortgage Package.” Offering three types of reverse mortgage options, the Package
▲ allows seniors 60 years of age or older with mortgage loans to receive fixed monthly payments on the
remaining value of their home, ▲ offers older home owners whose home is valued at KRW 150 million or less
with an up to 15% higher monthly payment rate than the regular JTYK loans, and ▲ has eased the existing
subscription requirements to allow senior couples to purchase the reverse mortgage loan when one of the
spouses is 60 years old or above (according to the previous requirements, subscription was allowed to senior
couples only when the spouse with the ownership of the house is 60 years old or above).
□ An HF official said, “As JTYK is gaining attention as a reliable and stable option for post-retirement living, the
number of JTYK subscriptions is rising. We expect that the number will continue to increase, as we are going
to offer JTYK for senior homeowners whose home or residential unit is valued at KRW 900 million or above
from the second half of this year.”