Promoting Stability in Retirement Life and Expansion of Reverse Mortgages for Small Business Owners
On September 30, Korea Housing Finance Corporation (President Kim Kyunghwan) signed a "Mutual Cooperation Agreement for the Stability of Retirement Life and Promotion of Reverse Mortgages for Small Business Owners" at the Korea Federation of Micro Enterprises in Yeongdeungpo-gu, Seoul, where Song Chiyeong serves as chairman.
Korea Housing Finance Corporation is signing a business agreement with the Korea Federation of Small and Medium Business. Provided by Korea Housing Finance Corporation
Through this agreement, the two organizations plan to pursue various collaborative projects, including: developing and operating measures to stabilize retirement life for small business owners and promote reverse mortgages; supporting financial education and information sessions for small business owners; and conducting joint promotional activities to encourage the use of reverse mortgages.
Kim Kyunghwan, President of Korea Housing Finance Corporation, stated, "We will support small business owners so they can secure stable retirement funds by utilizing their own homes," and added, "As a policy-based financial institution, we will continue to expand inclusive financial services for the public."
In April, Korea Housing Finance Corporation launched the "Reverse Mortgage for Repayment of Small Business Loans" program, which allows small business owners or their spouses to use individual withdrawals from their reverse mortgage to repay loans received from the government or financial institutions.
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