JTYK Subscription in February Increases 134% from Last Year
- Date 2017-03-20
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JTYK Subscription in February Increases 134% from Last Year
- 3,010 new subscribers added in January and February, a 99.6% rise year-on-year
□ This February, JooTaekYeonKeum (JTYK) hit a record high in monthly subscription.
□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) announced on the 20th that JTYK* saw 1,853 new subscriptions this February, a 134% rise from last February's 791 new subscriptions. In the first two months of 2017, 3,010 homeowners subscribed to the JTYK program, marking a 99.6% increase compared to the same period last year.
* 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.
□ The total volume of pension incomes guaranteed by the JTYK program during the first two months of 2015 stood at 1.1325 trillion, with the amount going down to KRW 818.8 billion in 2016 and then increasing up to KRW 3.632 trillion in 2017.
□ An HF official said, "As JTYK is widely accepted as a stable income source, the number of new JTYK subscribers is on an increase despite this February's JTYK monthly payment adjustment. We expect the number of new JTYK subscribers to increase steadily." He also added that "HF will improve the JTYK program, bringing more senior citizens a steady income."