The housing pension product of Hana Financial Group, which can be subscribed to with dwellings valued over 1.2 billion won, is drawing attention. The housing pension of the Korea Housing Finance Corporation (HF) can only be subscribed to if the value is 1.2 billion won or less.
Hana Financial launched the pension product 'Hana the Next My Home Pension' in May, which provides reverse mortgages using dwellings valued over 1.2 billion won as collateral. A Hana Financial official noted, "There are many cases among affluent individuals owning high-priced dwellings who are lacking retirement funds aside from their one residence," adding, "We have received numerous inquiries regarding the Hana the Next My Home Pension product from seniors with insufficient retirement funds."
By subscribing to this product, individuals are guaranteed lifelong residency while also receiving monthly pensions. Even if the individual dies, the spouse will receive the same pension amount, as it is a lifetime product. If the spouse also passes away, the property will be disposed of through a predetermined process, and the remaining assets will be provided to heirs such as children. The non-recourse method is applied, which does not require heirs to cover any shortfall even if property values decrease.