HF provides better access to JTYK starting August 1st

Senior citizens with dementia or other challenges can now join the JTYK scheme; simplified documentary requirements and the addition of new appraisal/assessment bodies address customer inconveniences

Elderly citizens with dementia or other challenges that interfere with the application process have long found it hard to join the JooTaekYeonKeum (JTYK) reverse mortgage loan, but new regulations taking effect on August 1st will give them easier access to the JTYK scheme. Under the new regulations, applicants no longer need to present the copy of resident registration and other documentation needed for JTYK subscription themselves.

On the 30th, Korea Housing Finance Corporation (HF) announced that, from August 1st, senior citizens having trouble joining JTYK due to dementia or other challenges can turn to the Adult Guardian System*, under which such homeowners are allowed to subscribe to JTYK with the help of guardians appointed by the Family Court.

    * The Adult Guardian System allows people with mental constraints due to disorders, disabilities or old age to appoint guardians. Requests for adult guardians can be made to the Family Court.

At the same time, HF will leverage the Network for Shared Use of Administrative Information* to directly check the certificate of family relation, the copy of resident registration and other documentation which JTYK applicants have had to submit directly to the corporation upon subscription. This will enable subscribers to use the JTYK scheme without having to present the related documentation.

For applicants asking for the valuation of their collateral properties to determine the prices, only the appraised prices from the Korea Appraisal Board have so far been applied. From now on, however, they can get their properties appraised by HF-designated private appraisal and assessment firms, enjoying a broader choice and accelerating the whole process.

    * An e-government service in which civil affairs officials check documentation required upon application for civil services (e.g. permits and approvals) on the computer network and handle such applications directly without asking applicants themselves to provide related documentation

“The eased requirements for JTYK subscription are aimed at addressing inconveniences that our customers may experience and protecting their rights,” explained one HF official. “We at HF will continue to improve the scheme to defend the rights of JTYK users and provide them with greater convenience.”

For more information, call HF’s call center (1688-8114) or one of its branches nationwide, or visit its official website (http://www.hf.go.kr).