• 한국주거학회논문집
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• 제16권5호
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• pp.49-56
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• 2005

This study will focus on status and structure of Japanese public reverse mortgage that has been changed since 1980. Especially, on newly introduced long-term supporting system for living fund after 2003. Private housing construction companies studied preceding cases of real estate products with reverse mortgage theory and also induced learning point from the change of Japanese public reverse mortgage market. From this on the purpose of this study is suggesting a better plan for successful reverse mortgage introduction in Korea. The data and articles of Japanese reverse mortgage are used for this study, also reverse mortgage related data are collected from web-site and research reports from the inside and outside of the country. From the total postal survey in September, 2004, the system contents after Year 2003 are described here. As described above, reverse mortgage is a way to support public social pension system and expected to play an important role as an assisting method for stable housing and supporting living cost to the aged. Eventually, it is necessary to find a way for introducing a public reverse mortgage as a welfare system for low income people.

• 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.

• 대한산업공학회지
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• 제40권2호
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• pp.205-214
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• 2014

As a result of the rapid economic growth and birth control policy, China is experiencing low fertility rates and increasing life expectancy, which makes Chinese population aging very quickly and unprepared for their retired life. The reverse mortgage may be an attractive option for the elderly because it is a loan against a house that they do not have to pay back as long as they live there. In this paper, in order to introduce the reverse mortgage scheme in China the factors that could influence the demand of reverse mortgage are reviewed and the Chinese market environment is analyzed. Then the principal component analysis is performed in order to recommend the regions or cities that have higher potential for successful implementation of a reverse mortgage than any other ones in China.

• The Journal of Asian Finance, Economics and Business
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• 제1권4호
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• pp.5-13
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• 2014

This study contributes to addressing the problem of an aging population by providing important information that determines feasible monthly payments for the clients of Chinese reverse mortgage products and by promoting the implementation of reverse mortgages in China. The variables used in this study include mean values obtained from time series data, of the rate of increase of housing prices, and the probability value, interest rate, and mortality rate obtained through the geometric Brownian motion (GBM). For mortality rates, China Life Insurance female mortality rates (2000-2003) were used. This study aims to apply the main variables that affect reverse mortgage products in a monthly payment model based on Chinese financial market conditions, and determine loan values. In this study, Shanghai's reverse mortgage monthly payments, by age levels, were calculated through the loan-to-value (LTV) and payment (PMT) methods to evaluate the value of the reverse mortgages. Based on the optimal combination of the three factors of payment amount, loan interest rates, and the level of acceptance of prices, efforts must be made to extract the best value for the elderly. Only in this way can the interests of both lenders and borrowers be protected, by increasing the market share and economies of scale of the reverse mortgage industry and effectively improving the living standards of the elderly.

• 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.

• 농촌계획
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• 제15권2호
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• pp.69-80
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• 2009

The purpose of this paper is to estimate the regional economic impact of reverse mortgage system based on farmer's net asset of house and farmland together. The regional economic impact was estimated by using inter-regional input-output model. Major findings are as follows: 1) The result of input-output analysis shows that 49,130 million won of production effect, 20,040 million won of value added effect, and 24,759 number of employment effect, 2) Since the result shows that the elderly spend most of the reverse mortgage money for their living expenses, it seems necessary to adopt net asset based reverse mortgage system to improve and stabilize farmers' living conditions and regional economy.

• 대한토목학회논문집
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• 제37권2호
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• pp.437-444
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• 2017

본 연구의 목적은 고령층의 사회경제적 특성이 주택연금 이용 및 만족도에 영향을 미치는 요인을 실증분석하는 것이다. 2016년 주택연금 수요실태조사 자료를 바탕으로 이항로짓모형과 순서형로짓모형을 통한 실증분석을 실시하였다. 우선, 이항로짓모형을 활용하여 주택연금의 이용의 결정요인을 실증분석한 결과, 통계적으로 유의한 변수는 연령, 거주 지역, 보유자산, 가구원 수, 경제적으로 도움을 주고 있는 자녀의 유무로 나타났다. 구체적으로 연령이 높고, 수도권에 거주하며, 학력이 높을수록 주택연금의 이용 확률이 높아지는 것으로 추정되었다. 그리고 보유 자산이 작고, 가구원 수가 적으며, 경제적으로 도움을 주고 있는 자녀가 없는 경우에 주택연금의 이용 확률이 높아지는 것으로 추정되었다. 다음으로 순서형로짓모형을 활용하여 주택연금 이용 만족도를 실증분석한 결과, 통계적으로 유의한 변수는 연령, 성별, 거주 지역으로 추정되었다. 특히, 연령이 높고, 수도권에 거주하는 경우에는 주택연금 이용을 만족할 확률이 높아지는 것으로 추정되었다. 그리고 남성보다는 여성이 주택연금 이용에 만족할 확률이 높은 것으로 추정되었다. 실증분석 결과를 바탕으로 향후에 주택연금 가입률을 제고하고, 이용 만족도를 높이는 방안을 모색하는 것이 필요하다고 사료된다.

• 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.

• 경영과학
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• 제32권1호
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• pp.1-13
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• 2015

We estimate the option value embedded in reverse mortgages using the framework of European put option. The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income while it is a high risk one from lender's perspective. One of benefits of the reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The put option is evaluated using Black-Scholes model and a sensitive analysis is performed on variables such as discount rate, volatility, and time period. We confirm that the option value of reverse mortgages increases rapidly as the borrowers live longer than their life expectancy. The results of this study can be used to promote the reverse mortgage program more effectively in order to solve the problem of income shortage of the elderly homeowners.

• 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.