Number of Jootaekyeonkeum borrowers exceeds 4,000-mark in November 2010

- HF presents gift certificate to the 4,000th borrower -

The total number of borrowers of Jootaekyeonkeum (JTYK), a reverse mortgage enabling senior homeowners to receive lifetime annual payments charged against the equity of their homes, exceeded the 4,000 mark. This feat was achieved in just three years and four months after the launch of the product in July 2007.

Housing & Finance (HF, CEO Joo-jae Lim) announced on November 11, 2010 that the application of husband and wife, Mr. Sin-il Park (69) and Ms. Geum-sik Jeon (68), residing in Suji-gu, Yongin-si, Gyeonggi-do was approved and the couple became the 4,000th JTYK borrower.

HF celebrated the event by organizing a ceremony to present a gift certificate worth one million won to the couple (see photo).

The number of JTYK holders surpassed the 1,000 mark in just fifteen months after its release. It took eleven months to make another jump to the 2,000 mark, nine months to the 3,000 mark, and just five months to the 4,000 mark. Recently, the pace of achieving 1,000 purchases has nearly doubled (September 30, 2008 → August 31, 2009 → June 9, 2010 → November 11, 2010).

The number of purchases for JTYK reached 515 for 2007 (from July to December), 695 for 2008, 1,124 for 2009, and 1,690 for 2010 (as of November 11), making the combined total over 4,000. Given the current pace, the 5,000th purchase is expected to be made during the first half of next year.

<Photo> On November 11, 2010, at the Gyeonggi Branch Office of HF located in Suwon-si, Gyeonggi-do, HF Director Sang-mo Ahn (right) and Gyeonggi Branch Manager Sang-seop Lee (left) present a gift certificate to husband and wife, Mr. Sin-il Park and Ms. Geum-sik Jeon, who made the 4,000th purchase of JTYK.