JTYK Subscription Hits Record High in First Quarter

 
 - 3,927 new subscribers added, including the nation’s first centenarian to sign up for the reverse mortgage program

This April, JooTaekYeonKeum (JTYK) hit a record high in quarterly subscription.

New JTYK subscriptions for Q1 2017 up 64.7% from last year  

    Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) said on the 18th that JTYK saw 3,927 new subscriptions in the first quarter of the year, an increase of 64.7% from the 2,384 new subscriptions during the same quarter last year. The figure is an all-time high compared to any first quarter since the launch of the reverse mortgage program in July 2007. 

The nation’s first centenarian to sign up for JTYK  

    In the same quarter, HF also saw the nation’s first centenarian homeowner sign up for JTYK. A 107-year-old senior subscribed to the reverse mortgage program last March for a monthly payout of KRW 1.68 million, breaking the nation’s record set by a 99-year-old JTYK subscriber to become the nation’s oldest new JTYK subscriber. As of now, 17* of the existing JTYK subscribers are 100 years of age or older, and the oldest among them is 111 years old.
    * This refers to a JTYK subscriber who or whose spouse is over the age of 100. (The number of JTYK subscribers over 100 years of age is 8, while that of JTYK subscribers whose spouse is over 100 years of age is 9)

    
JTYK subscribers are, on average, 71.7 years of age and their average monthly payout is valued at KRW 985,000 

   At the end of March 2017, the average age of homeowners who newly join the JTYK program stands at 71.7 years, while the average value of their property and their average monthly payout are KRW 286 million and KRW 985,000, respectively. 

   By age group at the time of JTYK subscription, the younger-than-65 age group accounts for 16.9% of the total new JTYK subscribers; the 65-to-69 age group represents 21.5%; the 70-to-74 age group stands at 26.3%; the 75-to-79 age group  accounts for 21.0%; and the 80-to-98 age group represents 14.3%.

   By monthly payout amount, 43.5% of the JTYK subscribers receive a monthly payout from KRW 500,000 to less than KRW 1 million; 21.1% receive from KRW 1 million to less than KRW 1.5 million; 19.2% receive less than KRW 500,000; 9.0% receive from KRW 1.5 million to less than KRW 2 million; and 7.2% recieve KRW 2 million or more. 

   By property value, 56.3% of the collateralized mortgages are homes worth KRW 100 to 300 million; 31.9% are homes valued at KRW 300 to 600 million; 6.2% are homes valued at less than KRW 100 million; and 5.6% are homes valued at over KRW 600 million.
     
An HF official said, “The JTYK program, which marks its 10-year anniversary this year, has increasingly become a reliable means to ensure financial stability throughout subscribers' post-retirement years. We will continue to strive to make our JTYK program available to a larger number of seniors in the future.”