Reverse Mortgage Applications Up 48% in South Korea

NewImageThe number of reverse mortgage applications is rising faster than expected in South Korea reports MK Business News.

During August, the number of applicants increased to 268 people, up 26% according to Korea Housing Finanance Corp.

The new insured amount grew from 281.2 billion won ($261.2 million) to 351 billion won.

Advertisement

Over the first eight months of the year, the number of new applications totaled 1,816, up 48% from a year earlier.

Reverse Mortgage Applicants on Steep Rise