| Applications for reverse mortgages, which are typically taken out by elderly or retired homeowners who borrow money in the form of monthly payments against the equity in their homes, are surging to the highest in six years.
Loans backed by state- run financing firm Korea Housing Finance Corp. jumped 71 percent in 2012 as retirees like Kim sought a steady income in a nation wracked by personal debt, falling home values and a rapidly aging population...............................................Full Article: Source
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