Korea Housing Finance Corporation Expands Benefits of 'Lifelong Salary Housing Pension'

You Can Continue Receiving Housing Pension Even After Moving to Silvertown

Enhanced Guarantees Including Increased Withdrawal Limits and Eased Residency Requirements

Starting from the 20th of this month, subscribers of the home pension plan will be able to continue receiving their home pension even if they move to a Silver Town (elderly residential welfare facility).

Additionally, from June 3, the maximum home value eligible for the preferential home pension will be raised from less than 200 million KRW to less than 250 million KRW. Also, the individual withdrawal limit for preferential home pension subscribers who need a lump sum will be expanded from 45% to 50% of the pension loan limit.

Korea Housing Finance Corporation (HF, President Choi Junwoo) announced on the 16th that, in order to promote stable retirement living through the activation of the home pension, it will continue to pay the home pension even if subscribers move to Silver Town and will expand the eligibility and benefits of the preferential home pension.

The main points are: ▲ Adding relocation to Silver Town (elderly residential welfare facility) as an exception to the primary residence requirement ▲ Raising the maximum home value eligible for the preferential home pension from less than 200 million KRW to less than 250 million KRW ▲ Expanding the individual withdrawal limit for the preferential home pension from 45% to 50% ▲ Allowing up to 90% of the pension loan limit to be used for individual withdrawals if funds are needed to repay senior mortgage loans on homes enrolled in the preferential home pension, for a total of four changes.

Accordingly, from the 20th, if a home pension subscriber wishes to move to Silver Town, they can do so by obtaining prior approval from the Housing Finance Corporation and relocating to the facility. They can also find tenants for their existing home to earn additional rental income.

To reduce customer burden, after June 3, if a single-home owner with a property valued at less than 250 million KRW subscribes to the home pension and there is no online market price information, the corporation will cover the appraisal fee. As a result, owners of homes valued at 200 million KRW without online market price information will not have to pay the appraisal fee of about 409,000 KRW. Previously, this support was only available to owners of single homes valued at less than 200 million KRW, but this measure expands the eligibility for cost support.

President Choi Junwoo stated, "To improve housing welfare and ensure stable retirement income for seniors, we have lowered the entry barrier for the preferential home pension and made it possible for subscribers to continue receiving their pension even after moving to Silver Town," adding, "We will continue to improve the system so that the home pension can provide even stronger support for more seniors in their retirement."

Those considering subscribing to the home pension can receive detailed consultations through the corporation's call center or any nationwide branch, and can subscribe by visiting a nearby branch. Applications can also be submitted via the corporation's website or the Smart Housing Finance app.