
Single women significantly outnumber single men in South Korea’s reverse mortgage program, accounting for nearly five times as many participants (Image courtesy of Yonhap)
SEOUL, Jan. 30 (Korea Bizwire) — Single women significantly outnumber single men in South Korea’s reverse mortgage program, accounting for nearly five times as many participants, according to recent government housing finance statistics.
As of November 2024, single women made up 38% of new reverse mortgage subscribers, compared to just 8.1% for single men. Of the 13,163 new enrollments during this period, 5,002 were single women and 1,064 were single men, while married couples accounted for 7,097 cases (53.9%).
The reverse mortgage program, available to homeowners aged 55 and older, allows participants to receive monthly pension payments while continuing to live in their homes, using their property as collateral for the loan.
The data reveals a steady shift in enrollment patterns since the program’s inception in 2007. While married couples initially dominated participation at 61.9%, their share has gradually declined, dropping below 60% after 2017. Meanwhile, the proportion of single women has increased to the mid-30% range, with single men’s participation remaining relatively stable at around 8-9%.
Experts attribute the higher participation rate among single women to several factors, including women’s longer life expectancy and their tendency to prefer more stable investment options for retirement planning.
Looking at cumulative figures since the program’s launch in 2007 through November 2024, married couples still represent the majority of participants with 77,450 enrollments (57.5%) out of a total of 134,639 cases. Single women account for 47,167 cases (35%), while single men make up 10,022 cases (7.4%).
M. H. Lee (mhlee@koreabizwire.com)