Journal of the Korean Home Economics Association (대한가정학회지)

The Korean Home Economics Association (대한가정학회)
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The Effects of Reverse Mortgage Including Lands for Rural Elderly Households

농지를 포함한 농촌형 역모기지 효과

  • Lee, Hee-Sook (Department of Housing, Interior Design & Consumer Studies, Chungbuk National University)
  • 이희숙 (충북대학교 주거환경.소비자학과)
  • Published : 2007.11.30
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Abstract

The purpose of this study was to find the effects of reverse mortgage including lands for rural elderly households. The data were drawn from 2005 Farm Household Economy Survey. And 1,165 households, which householder age were 65 to 75 and owned lands, were selected. The major findings as follows; First, in the case of conducting mortgage using only lands in rural area, the average substitute rate of current consumption was found to be over 100%(LTV=100%). This result implied that the conducting mortgage with land could be very effective for enhancing economic well-being of rural elderly households. Second, in the case of conducting mortgage using only shelters in rural area, the average substitute rate of current consumption was found to be only 25.7% (LTV=100%). This result implied that the conducting mortgage with only shelters could be no use for enhancing economic well-being of rural elderly households. Third, with FTA, it is time to rebuild agribusiness from small farm with family business to scale of farm business. It is expected the mortgage system with lands may very effective for not only enhancing economic well-being of rural elderly households, but for better farm business.

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References

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