Calculation of home pension receipts in 2021. It is said that there may be a difference in the amount received depending on the payment method. Housing Pension Amount Inquiry Calculator (Shortcut)
1. What is a housing pension? (reverse mortgage)
A housing pension is a way for senior citizens who own a house but lack income to earn a stable income for life or for a certain period of time, living in their own house as collateral and receiving a monthly annuity.
A product with a structure in which subscribers aged 55 and over entrust a house with an official price of less than 900 million won as collateral and receive the loan in monthly installments. 주택연금 수령액 조회
Because it is a state-guaranteed pension, it can be seen as stable in terms of no interruption of pension payments, guaranteeing residence for the insured and spouse for the rest of their lives, and guaranteeing the same amount without reduction even after one of the spouses dies first. Being able to do it can be seen as an advantage. So, there seem to be a lot of people who know about it, but I think the housing pension has its advantages and disadvantages, and the most important thing is the amount received, right? 좋은뉴스
How to calculate the amount of receipt We will tell you about the approximate amount of pension received and how to check the expected pension.
Housing Pension Amount Inquiry Calculator (Shortcut)
2. Amount of housing pension received
Even if you leave the same house, the amount of housing pension may vary due to changes in life expectancy, relocation rate, and house price changes. As life expectancy increases, the amount of money you receive each month decreases because the pension payment period increases.
Conversely, if interest rates fall, the interest you owe each month, or house prices rise, your annuity increases.
Therefore, the Korea Housing Finance Corporation revises the forecast every year.
Below is a table that can calculate the approximate amount of housing pension captured by the Korea Housing Finance Corporation.
2-1. Approximate amount according to the pension receiving method
1. Perpetual method is a method in which monthly payments are paid for life.
2. The fixed period method is a method of receiving monthly payments for a selected period.
3. Loan repayment method is a method in which one finds out at once within the withdrawal limit for the repayment of a mortgage loan and receives the remainder as a monthly payment for life.
4. In the preferential method, if the homeowner or spouse is a beneficiary of the Basic Pension and owns one home of less than 150 million won as a married couple, the monthly payment is received with a maximum of 22% preferential treatment compared to the lifetime method.
The table below is for general housing only. Here is an example of how to calculate the pension housing receipt amount.
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A 70-year-old subscriber can receive 921,000 won per month based on a house with an official land price of 300 million won.
A 65-year-old insured can receive 1014,000 won when registering for a housing pension with an official land price of 400 million won.
A 60-year-old (based on the youngest of couples) can receive 628,000 won per month when choosing a 15-year fixed period for a 200 million won house.
In this way, you can calculate the pension housing receipt by looking at the approximate table. On the Korea Housing Finance Corporation website, there is a separate category where you can inquire about your expected pension, so you can check it right away.
Housing Pension Amount Inquiry Calculator (Shortcut)
2-2 How to inquire about expected pension
You can view it from the website link below.
https://www.hf.go.kr/hf/sub03/sub02.do
Enter the homeowner’s date of birth and the spouse’s date of birth, select the home category, and search for a siche.
Then, you can select the payment method that was introduced above and view it in the method you want.
As I am writing this post on March 9, 2021, the estimated amount inquiry is based on this date, and it is indicated that this amount is subject to change.
Recently, as real estate prices soared, it is said that more and more people are canceling housing pension subscribers. Perhaps the biggest drawback is that it does not reflect inflation or housing prices.
Those who wish to join should carefully review the pros and cons before signing up, and those who have already signed up may need some time to think about what will be beneficial to them while calculating their expected receipts.