HF transfers its JTYK know-how to the Philippines
- Date 2015-12-10
- Views 674
“HF transfers its JTYK know-how to the Philippines”
- HF and the Philippines' NHMFC sign an MOU
Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) announced on the 10th that it has signed
a memorandum of understanding (MOU) with the Philippines' state-run National Home Mortgage Finance
Corporation (NHMFC) to pass on its expertise in housing finance <see the image below>.
The key purpose of this MOU between the two agencies is to share their experience and expertise in order to
advance the housing finance and housing markets in both Korea and the Philippines.
In particular, at the workshop on housing finance systems with the NHMFC, HF revealed the secret of success for
the Korean-style JTYK* reverse mortgages and stressed the fact that the reverse mortgage scheme helped boost
spending by the elderly.
* 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 while living in the home. In the eight years
since its launch in 2007, JTYK has successfully taken root with its average number of new subscribers per year having grown nine-fold,
attracting much interest from overseas.
HF CEO Kim Jae-Chun had an interview with local press agencies and revealed his plan to foster ties in the housing
finance sector between the two nations and to transfer HF's JTYK know-how to its Filipino counterpart, drawing
strong attention and interest from the local media.
An HF official said, “In line with our new corporate vision to become a ‘global leader in housing finance,’ we will share
our accumulated know-how and expertise with overseas housing finance agencies, improving our status
on the global stage.”
[Image Description]
Korea Housing Finance Corporation CEO Kim Jae-Chun (left) poses for a photo with NHMFC President Felixberto
Bustos after signing an MOU at the NHMFC headquarters in Manila, the Philippines, on Dec. 10, 2015.
