- In order to ensure housing security of elderly, Home Pension (Reverse Mortgage) program guarantees user’s right to permanently reside in the property subject to the program.
- However, if neither a Home Pension user nor his/her spouse live in the property subject to the Home Pension program for a year or longer, the program is terminated.
2 Cases when the Home Pension program is not terminated even if the non-residence period is more than a year Open
The Home Pension program remains in effect for a user if he/she falls under any of the following publicly announced reasons.
※ Only to the extent that Home Pension user or his/her spouse gives KHFC a prior written notice of any of the following reasons or that KHFC directly confirms such reasons and their unavoidable situation.
Cases when the Home Pension program is not terminated even in the case of non-residence for a continuous period of no less than a year Classification Acknowledged reasons in detail Hospitalization or admission to a rest home
Disease treatment, physical and mental recuperation, etc. Long-term stay in any other house Care of children, etc. Segregation, internment, imprisonment When unavoidable under an order from a government office Others When HF acknowledges special personal circumstances, etc.
3 Rationale for acknowledging waiver of the requirement concerning non-residence for no less than a year Open
Reasons for termination of the Home Pension (Reverse Mortgage) program (See Article 28-2 of the Enforcement Decree of the Korea Housing Finance Corporation Act.)
- When both the Home Pension user and his/her spouse are deceased
- When the spouse of the Home Pension user has not completed title transfer registration regarding the collateralized house and assumption of the Home Pension loan regarding the corresponding financial institution within six months from the death of the Home Pension user
- When the Home Pension user and his/her spouse move from the collateralized house to another place (excluding a change in the collateralized houses)
- When the Home Pension user and his/her spouse do not reside in the collateralized house for a continuous period of no less than one year; excluding those cases where they fail to live in the collateralized house for any reason determined by the president of Korea Housing Finance Corporation and posted on its webpage including hospitalization
- When the Home Pension user loses ownership of the collateralized house
- When it is expected that the principal and interest of a Home Pension loan will exceed the maximum mortgage value, but the Home Pension user fails to comply with a request from a financial institution or KHFC to change the maximum mortgage value
- When there arises a certain event determined by the Housing Finance Committee other than those events as set forth in the foregoing paragraphs 1 through 6