HF Helps Seniors Pay Off Their Mortgage Early and Enjoy Monthly Payments
- Date 2019-02-14
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HF Helps Seniors Pay Off Their Mortgage Early and Enjoy Monthly Payments
- For those planning to pay off their mortgage early, HF raises its maximum one-time JTYK withdrawal limit up to 90%
It is easier than ever for seniors with mortgage loans to join the JTYK reverse mortgage scheme.
Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) stated on February 14, 2019, that it raised the maximum one-time JTYK withdrawal limit from the current 70% to 90%, allowing seniors with mortgage loans to pay them off with JTYK withdrawals. The increase in the withdrawal limit is expected to help older homeowners with mortgages pay off their mortgages in full, relieving them from the burden of mortgage payments and, at the same time, giving them a steady flow of monthly reverse mortgage payouts.
An HF official said, “A recent change to the Enforcement Decree of the Korea Housing Finance Corporation Act has raised the maximum one-time JTYK withdrawal limit for mortgage payments. This allows senior homeowners with mortgages to join our JTYK scheme. We are pleased that this change helps a greater number of older homeowners pay off and relieve the burden of mortgage payments and receive a stable stream of monthly payouts while staying in their own home.”