Korea Housing Finance Corporation Supports Acquisition Tax Refund Process for Heirs of Trust-Type Reverse Mortgage Customers

Free Service Provided Through the "Dabujim" Program

Korea Housing Finance Corporation announced on December 26 that it is currently supporting the "acquisition tax correction request" process, allowing heirs who have acquired proceeds from the sale of mortgaged homes after the death of a trust-type reverse mortgage customer to receive a refund of the acquisition tax they previously paid.

This support follows a Supreme Court ruling in September, which determined that if an heir acquires rights through a testamentary trust, and those rights pertain to "proceeds from the sale of real estate" rather than the "real estate" itself, acquisition tax cannot be imposed on the beneficiary. As a result, Korea Housing Finance Corporation is assisting heirs of trust-type reverse mortgage customers with the acquisition tax correction request process.

Through the "Dabujim" program, Korea Housing Finance Corporation is providing a service in cooperation with Law Firm Logos to assist heirs of trust-type reverse mortgage customers-regardless of whether they have already paid acquisition tax or not-in preparing and submitting the correction request form.

Kim Kyunghwan, President of Korea Housing Finance Corporation, stated, "This service is intended to help resolve tax issues that are difficult for customers to handle on their own," adding, "We will continue to introduce a variety of services necessary to ensure a stable retirement for our reverse mortgage customers."