□ Deputy Prime Minister for Economy Mr. Deok-soo Han held a ruling party-government meeting on February 16 and finalized a plan to promote reverse mortgages.

The program will mainly target home owners who are at least 65 years old (if married, both spouses must be over 65) and middle & low-income earners.  In principle, eligible applicants will receive monthly annuities for life.

The official guarantor of the reverse mortgages will be KHFC, which also offers housing guarantees.  This new product may become available before the end of 2007.