JTYK has 23 Centenarian Subscribers

It surpasses 70,000 new subscriptions

It adds 9,897 new subscribers, its largest increase on record

             Its monthly payments and the value of homes mortgaged average KRW 1.01 million and KRW 297 million, respectively 

Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) announced on the 20th that JooTaekYeonKeum (JTYK) * has recorded 70,000 new subscriptions. 

    * JooTaekYeonKeum (JTYK) is a state-guaranteed reverse mortgage loan in which senior citizens 60 years of age or older 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.

HF invited the reverse mortgage scheme’s 70,000th subscriber, Kang Tae-Heup (aged 80) to express its thanks and awarded him a cash prize and a gift. Mr. Kang said, “I decided to take out the JTYK scheme because I can receive monthly income for life while staying in my home and leave the remaining home value, if any, to my children after my death”.

23 JTYK subscribers aged 100 or over, and the oldest subscriber aged 114

   According to an analysis of JTYK subscriptions from July 2007 to the end of this November, the number of subscribers aged 100 or over reached 23*. Among them, the oldest subscriber is aged 114, having received monthly payments for around nine years since joining the JTYK scheme in 2010. In addition, it added the oldest new subscriber in 2017, whose age was 107 years at the time of subscription.

  * The number of JTYK subscribers or their spouse aged 100 or over (16 subscribers aged 100 or over and 7 subscribers living with a spouse aged 100 or over)

JTYK had the largest increase in annual subscriptions since its launch (as of November)

   As of the end of this November, JTYK earned 9,897 new subscribers, a record-high year-on-year increase since its launch in 2007. In its first year of launch, it added 515 subscribers. The number went up to ▲10,309 in 2016, ▲10,386 in 2017, and ▲10,237 in 2018. 

The amount of JTYK monthly payments average KRW 1.01 million   

   The average age of JTYK subscribers is 72.1. Those in their 70s account for 47.6% of the entire subscribers, becoming the largest age group, followed by those in their 60s (34.6%). On average, JTYK subscribers have a home worth KRW 297 million mortgaged and receive KRW 1.01 million in monthly payments. By payment plan type, 71.2% of them have chosen the Fixed Option*, while 22.9% of them are on the High-Low Option.**

   * Fixed Option: Fixed monthly payments to be given for a predetermined period of time

  ** High-Low Option: The amount of monthly payments from the 11th year onwards to be

  reduced to 70% of the initial 10 years' monthly payments

An HF officer stated, “Next year, we will continue our efforts to expand eligible subscription requirements, strengthen retirement security, and make other improvements to ensure greater income and housing stability for the elderly and, thereby, help more of them generate a reliable income flow in retirement through JTYK.”