A system that lets you receive a monthly pension for life while living in your home — without selling it. Who can join and how much they receive, based on the official Korea Housing Finance Corporation (KHFC) standards. The Housing Pension (주택연금) is South Korea's government-backed reverse mortgage, guaranteed by KHFC.
Anyone with one spouse aged 55 or older who owns a home with a combined officially assessed value of ₩1.2 billion or less can join. It is designed for people whose home is nearly all of their wealth — they cannot sell it, but they need monthly living expenses.
| Age | One spouse 55 or older; one spouse must be a South Korean national |
| Home value | Combined officially assessed value of ₩1.2 billion or less. Multiple-home owners may join if the combined value is ₩1.2 billion or less; a two-home couple over the limit may join on the condition of selling one home within 3 years |
| Eligible homes | Standard homes (apartments, detached houses, row houses, etc.), senior welfare housing registered with the local government, and residential officetels |
| Residence | The subscriber or spouse must actually live in the home (registered residence included). If KHFC recognizes a reason — hospitalization for treatment, long-term stay to care for family, or moving into a senior residential welfare facility — a couple owning one home in total may join without living there |
| Capacity | The subscriber and spouse must have legal capacity (if lacking, enrollment is possible using the adult guardianship system) |
For the same home, the later you join, the larger the monthly payment. The table below is KHFC's official example table for the lifetime, level-payment option on a standard home (unit: ₩1,000 per month). Note that the home value used is the market price, not the officially assessed value.
| Younger spouse's age | ₩100M | ₩200M | ₩300M | ₩400M | ₩500M | ₩600M | ₩700M | ₩800M | ₩900M | ₩1B | ₩1.1B | ₩1.2B |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 55 | 156 | 312 | 468 | 624 | 780 | 936 | 1,092 | 1,248 | 1,404 | 1,560 | 1,716 | 1,872 |
| 60 | 210 | 421 | 632 | 842 | 1,053 | 1,264 | 1,475 | 1,685 | 1,896 | 2,107 | 2,318 | 2,528 |
| 65 | 252 | 505 | 758 | 1,011 | 1,264 | 1,517 | 1,770 | 2,023 | 2,276 | 2,529 | 2,782 | 3,035 |
| 70 | 307 | 615 | 923 | 1,231 | 1,539 | 1,847 | 2,155 | 2,462 | 2,770 | 3,078 | 3,386 | 3,414 |
| 75 | 381 | 762 | 1,143 | 1,525 | 1,906 | 2,287 | 2,669 | 3,050 | 3,431 | 3,666 | 3,666 | 3,666 |
| 80 | 483 | 966 | 1,449 | 1,932 | 2,416 | 2,899 | 3,382 | 3,865 | 4,060 | 4,060 | 4,060 | 4,060 |
At older ages the amount stops rising beyond a certain home value — that is the cap imposed by the maximum loan limit. Senior welfare housing and residential officetels pay less than a standard home on the same terms (at age 70 with a ₩300 million home: ₩789,000 per month for senior welfare housing, ₩746,000 for an officetel). You can check the exact amount for your situation in the calculator.
The two play different roles. The officially assessed value of ₩1.2 billion is the eligibility line for "can you join," while the market price is the basis for "how much you receive." Even if your assessed value is ₩1.2 billion or less so you can join, the monthly payment is recalculated using the market price KHFC recognizes (for apartments, Korea Real Estate Board / KB prices; for other homes and officetels, an appraised value). Assessed values and market prices usually differ, so confusing the eligibility price with the calculation price will throw off your estimate.
The Housing Pension keeps paying while either spouse is alive, and when one spouse dies the survivor continues to receive the same amount. The younger the spouse, the longer the likely payment period, so KHFC sets the monthly amount on the younger spouse's age. That is why a large age gap between spouses means a smaller monthly payment for the same home. Enrollment itself, by contrast, only requires one spouse to be over 55.
The upfront guarantee fee is 1.0% of the home value, added to the loan balance on the first payment date — so you do not pay it in cash when you join. An annual guarantee fee and loan interest also accrue to the loan balance each month. Costs paid directly at enrollment are roughly the appraisal fee and the registration and license tax; owners of one home worth under ₩250 million may receive support for the appraisal fee. Everything you received and the costs are settled together later, when the home is settled.
The heirs inherit the home and either sell it themselves or have KHFC sell it, repaying the loan balance — the pension received plus interest and guarantee fees. If the home is worth more, the difference goes to the heirs; if it is worth less, the shortfall is never claimed from the heirs. The core structure of the Housing Pension is that even if you live long and the total pension received exceeds the home's value, your children do not inherit the debt. Conversely, if you cancel midway you must repay the entire loan balance at that point and may find it difficult to rejoin with the same home for a period, so be careful if you have plans to move or sell.
Q. Can you keep living in the home while receiving the pension?
Yes. Ownership stays with the subscriber and KHFC only holds collateral, so you live in the home and receive the pension until both spouses pass away.
Q. Are there options besides the level payment, where the amount changes?
Yes. Within the lifetime payment option, besides the level type that pays the same amount every month, there is an initial-increase type that pays more early on and a periodic-increase type that rises every 3 years. The table and calculator on this page use the most common level type. Changing the option changes the monthly amount for the same conditions.
Q. Is there a preferential rate for low-value home owners receiving the Basic Pension?
Yes. If at least one spouse receives the Basic Pension and the couple owns one home with a combined market value under ₩250 million, the preferential type pays up to roughly 20–25% more per month than the standard type. Check your eligibility in a consultation with KHFC.
Q. Could the pension be seized?
If you use the dedicated Housing Pension Guardian Account (Jikimi account), up to ₩2.5 million per month is protected from seizure. However, amounts over ₩2.5 million per month cannot be deposited into this account.
Q. If the home's value rises, does the pension increase too?
No. The monthly payment is fixed at enrollment based on the home value and age at that time, and you receive the same amount for life (level type). Whether the home's value later rises or falls, the monthly amount does not change.
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