JTYK Available at Local Agricultural and Livestock Cooperatives Nationwide From Next Year
- Date 2018-11-23
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JTYK Available at Local Agricultural and Livestock Cooperatives Nationwide From Next Year
- HF inks MOU with Nonghyup Mutual Finance
Starting from next year, JooTaekYeonKeum* will be available at all local Agricultural and Livestock Cooperatives across the nation.
* 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.
korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) stated on November 23, 2018, that it signed a memorandum of understanding (MOU) with Nonghyup Mutual Finance* (President Soh Sung-Mo). Entitled “MOU on the Offering of JooTaekYeonKeum (JTYK),” the MOU aims to provide the elderly easy access to the reverse mortgage loan program at any local Agricultural and Livestock Cooperative in the nation. <See image below>
* Nonghyup Mutual Finance represents local Agricultural and Livestock Cooperatives, etc.
Under the MOU, the two institutions will cooperate in developing computer systems, among others, to have JTYK available not only at Nonghyup Bank branches but also at local Agricultural and Livestock Cooperatives. Accordingly, starting from the first quarter of 2019, JTYK will be offered at local cooperatives as they complete the system development.
HF CEO Lee Jung-Hwan said, “It is very meaningful to sign an MOU with Nonghyup Mutual Finance, the key financing partner of local people. Up until now, senior citizens in local areas faced several difficulties in accessing JTYK. This MOU with local Agricultural and Livestock Cooperatives will give them easy access to the reverse mortgage program.”
<Image Description>
HF CEO Lee Jung-Hwan (left) poses for a photo after signing the “MOU on the Offering of JTYK” with Nonghyup Mutual Finance President Soh Sung-Mo at the Headquarters of the National Federation of Agricultural Cooperatives in Jung-gu, Seoul, on the 23rd.
