Homes with Loans Eligible for JooTaekYeonKeum

 On March 6, KHFC introduced new measures to promote JooTaekYeonKeum (reverse mortgages). A home owner is eligible for JooTaekYeonKeum even when the house has been put up as collateral or part of it is rented out. "Ad hoc withdrawal", which is permissible within 30% of the loan ceiling (up to KRW90 million), is in fact allowed for any purpose except for gambling and speculation. 

 As a result, senior citizens who were not able to come up with the lump sum needed to pay off their existing debts are now able to apply for JooTaekYeonKeum and plan a stable post-retirement life.