Korean Reverse Mortgage Program Seeks To Change With Economic Times


In an effort to combat its rapidly growing aging population and an increasing number of seniors looking at early retirement due to corporate restructurings, the Korea Financial Services Commission is considering expanding its current reverse mortgage program to allow more seniors access to its product by lowering the age requirement from 65 to 60 or even 55.  The Korea Times is reporting that it’s examining not only expanding the age range but also increasing the amount of money that seniors could receive.  While the program has been in place since mid-2007 and loosely based upon the US FHA product, the program has attracted almost 1200 borrowers since its inception.  The numbers, while small, sound similar to the small number of consumers who took advantage of the program when it was first introduced.