Housing Finance Cooperation
The Korea Housing Finance Corporation (KHFC) announced on Dec. 10 that it has signed a memorandum of understanding (MOU) with the Philippines' state-run National Home Mortgage Finance Corporation to pass on expertise in housing finance.
Under the agreement, the KHFC and NHMFC will poor their experience and expertise in order to advance the housing finance and housing markets in both Korea and the Philippines.
At the workshop on housing finance systems with the NHMFC, particularly, the KHFC revealed the secret of success in Korean-style reverse housing mortgages, and stressed the fact that the reverse housing mortgage helped boost spending by the elderly.
During an interview with local media in the Philippines on the same day, Kim announced a plan to strengthen ties in the housing finance sector between Korea and the Philippines, and pass on expertise about its reverse housing mortgage. Also, the local media showed great interest in the plan.