Subscribers to the fund, marking the 10th anniversary of its debut, total 45,371 so far
President Kim Jae-chun of Korea Housing Finance Corp. (Photo: HF)
Korea Housing Finance Corp. said subscribers to the Housing Retirement Fund (JTYK), total 45,371 so far, with this year being the 10th anniversary of the retirement fund program. The subscribers to the housing retirement fund numbered 5,942 in the first half of this year, up 11.8 percent YoY, the KHFC said on July 25.
The Housing Retirement Fund (known as JooTaekYeonKeum, or JTYK) is a reverse mortgage loan in which citizens 60 years of age or more provide their own homes as collateral and receive living expenses for their post retirement lives in the form of monthly pension benefits, either for the rest of their lives or a certain period of time.
Korea Housing Finance Corporation (HF, CEO Kim Jae-chun) announced on the 20th that JTYK saw 1,853 new subscriptions this February, a 134 percent rise from last February's 791 new subscriptions.
In the first two months of 2017, homeowners subscribed to the JTYK program, marking a 99.6 percent increase compared to the same period last year.
The total volume of pension incomes guaranteed by the JTYK program during the first two months of 2015 stood at 1.13 trillion, with the amount dropping to 818.8 billion won in 2016 and then increasing to 3.6 trillion won in 2017.
An HF official said, "As JTYK is widely accepted as a stable income source, the number of new JTYK subscribers is on an increase despite this February's JTYK monthly payment adjustment.
We expect the number of new JTYK subscribers to increase steadily." He also added that "HF will improve the JTYK program, bringing more senior citizens a steady income."