• KDI Journal of Economic Policy
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• 제40권3호
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• pp.69-89
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• 2018

We study whether a default option attached to non-recourse mortgages improves borrowers' surplus from mortgage financing. By defaulting on mortgage debt, borrowers can save their non-collateralized income from being foreclosed. In exchange, borrowers must forgo non-monetary surplus from retaining any collateral. Banks may charge a high mortgage rate due to increased default rates. We find that the interest rate of non-recourse mortgage decreases with the borrower's surplus from home ownership. Moreover, non-recourse mortgages benefit only borrowers who deem housing property as an investment asset. Hence, the transition to a non-recourse mortgage is detrimental to welfare if the borrower enjoys a large surplus from home ownership. Although the borrower privately knows how much surplus she enjoys from home ownership, a menu of non-recourse mortgage contracts may exist, yielding a separating equilibrium without information rent.

• 한국경제지리학회지
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• 제15권4호
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• pp.585-600
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• 2012

본 연구의 목적은 유동성 관련 변수가 주택시장에 미치는 영향과 지역별 영향력의 차이를 벡터자기회귀모형을 이용하여 실증분석하고 정책적 시사점을 도출하는데 있다. 2003년 10월부터 2012년 5월까지의 월별 시계열 자료를 사용하여 유동성 관련 변수는 주택담보대출금리, 주택담보대출금, 금융기관유동성, 종합주가지수로 하였고 전국, 서울, 강남, 강북의 아파트 매매가격을 분석대상으로 하였다. 그랜저인과관계 검정결과, 주택담보대출금리와 주택담보대출금이 지역별 매매가격에 강하게 인과관계가 있었다. 이후 충격반응 분석결과, 각 변수 충격에 대해 매매가격은 지열별로 차이는 존재하였으나 매매가격 자체에 가장 크게 지속적인 양(+)의 반응을 보였고 주택담보대출금리는 음(-), 주택담보대출금은 양(+), 금융기관유동성은 양(+), 종합주가지수는 양(+)의 반응을 보였다. 매매가격 충격에 종합주가지수는 음(-)의 반응을 보였다. 유동성의 변화가 주택가격을 상승시킬 수 있고 강남지역이 강북지역에 비해 주택투자적인 요인이 크다는 것을 실증적으로 확인하였다. 정부는 현재의 경제상황을 고려해 저금리 기조를 유지하면서 시장의 유동성이 부동산이 아닌 산업활동으로 투입될 수 있도록 해야하며 지역별로 차별화된 정책을 수립 집행해야 부동산 정책효과를 크게 거둘 수 있을 것이다.

• 분석과 대안
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• 제4권1호
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• pp.105-123
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• 2020

This study analyzes the risk selection behavior of Japanese households. The study approaches the view of 'the hyperbolic discount' which is used in behavioral economics based on the rise in mortgage lending by low-income households in the late 2000s. The study focuses on how households risk preferences vary by income levels. The study analyzes the relationship of attitude of household interest rate risk using Binomial Logistic and Heckman two-step estimation method assuming that there are only two types of Adjustable-Rate Mortgage and Fixed-Rate Mortgage. As a result of the empirical analysis, low-income households annual income tend to have a higher proportion of housing debt as same as higher interest rate risk preferences households in proportion to income growth and interest rate risk preferences. Those results indicate that there is possibility of a hyperbolic discount on low-income households in Japan, and support the hypothesis that low-income households are relatively higher household debt ratio because of high utility due to home purchase in the near future (short-term).

• 한국경영과학회지
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• 제42권1호
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• pp.29-41
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• 2017

Korea is expected to become a super-aged society by 2050. Given an aging population and the increasing pressure for the early retirement, a sufficient social safety net for elderly population becomes important. The Korean government introduced public reverse mortgage program in 2007, which is a product for aging seniors and the elderly, The number of reverse mortgage subscribers has also steadily grown. The demand continues to grow, but the reverse mortgage over a long period of time is a highly uncertain and risky product in the position of guarantee or lending institution. Thus, suitable demand prediction of the reverse mortgage subscribers is necessary for stable and sustainable operation. This study uses a Bass diffusion model to forecast the long-term demand for reverse mortgage and provides insight into reverse mortgage by forecasting demand for stability and substantiality of the loan product. We represent the projections of new subscribers on the basis of the data obtained from Korea Housing Finance Corporation. Results show that potential market size of Korean reverse mortgage reaches approximately 760,000-1,160,000 households by 2020. We validate the results by comparing the estimate of the cumulative number of subscribers with that found in literature.

• 디지털융복합연구
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• 제12권7호
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• pp.197-203
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• 2014

본 논문은 주택연금과 주택담보대출을 비교하면서 부동산금융 활성화 방안을 분석하였다. 구체적으로는 이론적 고찰과 선행연구를 토대로 한 설문을 통해 조사를 실시한 후 인식을 분석하였다. 분석 결과 주택연금 활성화를 위해서는 모든 부동산으로 대상 확대, 세제혜택 다양화, 1가구 1주택 제한 폐지를, 주택담보대출 활성화를 위해서는 금리유형의 다양화, 상환방법의 확대, 15년 세제혜택 조건 완화, 저소득가구에 대한 혜택 등을 우선적인 방안으로 인식했다. 본 연구는 인식분석 결과를 통해 이상의 합리적인 개선점과 활성화 방안을 제시함으로써 국민복지 제도가 가미된 선진금융 정책 실현을 위한 기초자료1)를 제공하고 국민주거안정에 기여함에 그 의의를 가진다.

• 대한가정학회지
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• 제45권9호
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• pp.99-111
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• 2007

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.

• 가족자원경영과 정책
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• 제15권2호
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• pp.1-21
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• 2011

Housing selections of the elderly depends on various changing factors as they get old. Among those factors, housing satisfaction might be one of the most predictable and crucial factor. This study is focused on the casual effect of housing satisfaction on the elderly's likelihood of selection among three alternatives of housing type. The sample was selected from 349 elderly aged above 65 who were living in Jeonju area, and was analyzed from multiple regressions and casual analysis. The results could be summarized as follows; First, the elderly preferred 'their own house living at present (aging in place)' among three housing type. Second, factors that influenced on housing satisfaction of the elderly were condition of health, economic status, living with spouse or not, level of social activities, and family supports. Third, the elderly who were male, without spouse living in single-family houses, in better health condition and with lower educational level were having more likelihood of selection of present housing. The elderly who were having more likelihood to select reverse mortgage payment were male, with spouse, living in apartment houses, the older, in worse health conditions and economic status. And the elderly who were male, with spouse, living in apartment houses, and in worse health conditions were having more likelihood to select national rental housing.

• 한국사회정책
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• 제24권4호
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• pp.3-29
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• 2017

본 연구는 케메니와 캐슬즈 등이 주장한 복지와 공공지출 간 상쇄(역)관계(trade-off) 가설이 현재에도 유효한지를 확인하고, 최근 주택소유율이 가장 크게 변화하고 있는 사민주의 국가들과 반대로 가장 안정된 모습을 보여주는 남부유럽 국가들을 대상으로 주택소유율의 변화와 안정 요인을 분석하였다. 연구결과, 첫째, 자료수집이 가능했던 2014년을 기준으로 보았을 때 주택소유와 공공지출 간 상쇄관계는 자유주의 레짐과 보수주의 레짐에서만 확인되었다. 둘째, 사민주의 국가들은 예상외로 주택담보대출이 크게 증가했으며 주택의 상품화 경향을 보여주었으나 남부유럽 레짐의 경우에는 낮은 주택담보대출과 비교적 온전한 주택소유를 유지하고 있어 前상품화 경향을 보여주었다. 셋째, 사민주의 레짐은 신규주택과 공공임대주택 건설투자 축소, 주택소유에 친화적인 조세와 관대한 대출정책 등으로 주택수요의 증가와 주택가격의 폭등을 유발하였으나 남부유럽 레짐은 풍부한 주택재고, 대가족 제도, 친인척 중심의 직접 건축 및 공급 방식, 가족 간 주택의 상속과 이전(증여) 덕분에 주택수요와 가격의 안정을 유지하고 있었다. 주택소유와 복지의 선후관계는 아직 불분명하지만, 부채를 통해 주택소유를 유도하는 것은 복지 대체제로서 주택의 기능적 유용성 여부를 떠나 장기적으로 합리적 대안이 될 수 없을 것이다.

• Korean Journal of Mathematics
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• 제29권2호
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• pp.409-424
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• 2021

In this paper, we investigate a pricing model for mortgage-backed securities (MBSs) of a pay-through type of collateral mortgage obligation (CMO), embedded call options, which can be exercised by the intermediary, and pass-through MBSs. We suggest a prepayment-risk-neutral pricing model, applying a reduced-form prepayment rate model, and then compute and investigate the appropriate prices and spreads in the coupon rates between CMOs and PT MBSs. We believe that this study contributes in that it provides a sophisticated pricing model for MBSs, especially to the financial markets which are not advanced enough to finance with a simple type of MBSs.

• 한국주거학회:학술대회논문집
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• 한국주거학회 2011년도 춘계학술발표대회 논문집
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• pp.290-295
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• 2011

The purpose of this paper was to study on the attitudes about Reverse-Mortgage among Baby Boomers to offer the basis for revitalization of Reverse-Mortgage. Social survey research using a questionnaire was conducted among the babyboomer's living in Seoul area from September $30^{th}$ to October $14^{th}$. The data from 102 respondents were analyzed using SPSS PASW 18.0. The main findings were as followings 1) although 64% of the respondents prefered to type which could withdraw temporary cash, but main factor that affected the use was a stability in one's old age 2) 72% of respondents thought adequate age for application was over 66. So lowering the qualification of age looked not need for revitalization 3) babyboomer's said that they would use reverse-mortgage if they couldn't get benefit from other pension inspite of getting lower recognition on house inheritance. It was be cause they regarded Reverse-Mortgage as a final step. In conclusion, current qualification and limit for withdraw looks adequate but it need public relations about its merit unlike other pension. And it has to emphasize its stability so that baby boomer can feel easy from holding a mortgage on their house.