JTYK Surpasses 10,000 New Subscriptions Last Year
- Date 2017-01-17
- Views 630
JTYK Surpasses 10,000 New Subscriptions Last Year
- JTYK records 10,309 new subscribers last year, a 59% rise from a year earlier
□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) said on the 17th that the JTYK reverse mortgage program saw a total of 10,309 new subscriptions last year, its record high since its launch in 2007. The figure is a 58.9% increase from a year earlier (6,486 subscriptions). The cumulative number of JTYK subscribers from 2007 to the end of last year stands at 39,429.
□ This sharp increase in JTYK subscriptions was driven by the HF Reverse Mortgage Package launched last year. With the three types of reverse mortgage options available now, the eligibility requirements for the reverse mortgage program have been eased. The recent upward trend shows that JTYK is now widely accepted by seniors as a key finance tool to prepare for their post-retirement years.
□ New JTYK subscriptions have increased in the last three years from 5,039 in 2014 to 6,486 in 2015 and 10,309 in 2016. The total volume of pension incomes guaranteed by JTYK has also climbed from KRW 5.5293 trillion in 2014 to KRW 7.1392 trillion in 2015 and KRW 10.7728 trillion in 2016.
□ The average age of those who have subscribed to the JTYK program from July 2007 to 2016 stands at 71.9 years. On average, they have mortgaged their home worth KRW 283 million and receive a monthly payment of KRW 980,000. By type of home mortgaged, the share of apartments stands at 84.0%. In addition, 78.9% of the homes mortgaged are 85㎡ or less in size.
□ An HF official said, "Since last year's launch of the JTYK Reverse Mortgage Package, we see more seniors paying attention to their retirement planning and consequently subscribing to our JTYK program. We will continue our efforts to help more seniors enjoy financially stable post-retirement years by offering reverse mortgage options for those with a home valued at over KRW 900 million or a residental officetel unit and allowing for the payment of the HF mortgages by the spouse."