HF Promotes Reverse Mortgage with Local Banks

- HF signs MOUs with Kwangju and Jeonbuk banks to support stable livelihood of the elderly.  

  - Home pension counselling service available at the nearby bank branches from Nov.

Korea Housing Finance Corporation(HF, CEO Choi Joon Woo) announced on September 14 that it signed MOUs with each of two local banks,  Kwangju Bank (CEO Song JongWook) on 13 and  Jeonbuk Bank(CEO Seo HanKook) on the following day in order to promote the Korean Home Pension, the HF reverse mortgage product for the stable livelihood of the elderly and retirees in the middle to senior ages. 

The MOUs state cooperation measures in the following main areas; ▲ Opening of a dedicated counter for the home pension at the bank branches, ▲ Operation of training program to foster Home Pension Counsellor and, ▲ Collaborated support for seniors to benefit from financial products, including the home pension, etc. 

The MOUs were concluded as HF and the local banks in Gwangju, Jeonnam and Jeonbuk saw an eye to an eye on the acute need to promote the home pension in order to boost the economy of the rapidly aging regions and to provide a targeted support for the stable livelihood of the struggling elderly particularly hit by Covid-19. 

Based on the MOUs, the branches of the banks will set up and operate the home pension counters with assigned professional home pension counsellors. In addition, HF and the banks will jointly promote the home pension with local-oriented activities.

HF CEO Choi commented,  “The recent revision of the KHFC Act is parts of our efforts to improve the home pension product by widening eligibility criteria with more product options. With the MOUs with the leading local banks, now the customers can visit nearby branches for home pension counselling and subscription. HF will put various efforts to make the home pension more accessible and convenient for the senior citizens whose assets are mostly tied in home equity and in need of steady income flow.“

HF added, “ We have home pension products with a focus to support the elderly with low priced houses or who are struggling to make mortgage payment. More information on the dedicated home pension counters and other details of the product, go to HF website  (www.hf.go.kr) or call HF Call Center(1688-8114).”