Hana Bank celebrates successful rollout of reverse mortgage program for older adults

Hana Financial Group on Wednesday celebrated the successful rollout of its “Hana The Next Home Pension” at its corporate office in central Seoul. 

“Hana The Next Home Pension” is a reverse mortgage program for homeowners aged 55 or over whose residential property is valued at 1.2 billion won ($797,000) or more based on its publicly disclosed price. Those who entrust their homes to Hana Bank can receive fixed monthly pension payments capped at 50 percent of the home’s value, with selectable upper limits at 500 million won, 700 million won, 1 billion won, 1.3 billion won and 1.5 billion won.

Hana Financial Group CEO Ham Young-joo, corporate representatives and around 50 customers enrolled in the program attended Wednesday’s event.

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“We are deeply grateful that subscribers have entrusted Hana Financial Group with their postretirement assets,” Ham said. “We will prioritize our customers […] and strive to become a financial partner for a reliable and brighter future.”

Since its launch in May last year, approximately 330 billion won worth of property assets have been entrusted by 260 customers. The average subscriber is 76 years old, with the oldest customer aged 92.

“The program solved my concerns, as it helped me continuously stay at home, receive a pension and leave the rest,” a customer said. “With the help of Hana Financial Group, I am no longer posing a burden to my children but am independently planning my postretirement.”

In December 2024, before its official launch, the program was recognized by the Financial Services Commission as an “innovative financial service” for improving cash-generating capability among older populations.

BY LEE SOO-JUNG [[email protected]]