역모기지제도는 노인들이 소유하고 있는 자산을 유동화하여 매월 생활자금으로 지원하는 방식이다. 이 방법에는 종신지급형, 일정기간 지급형 및 신용한도제가 있으며, 이제도는 노인주택소유자들의 사회복지보장을 위한 중요한 금융장치이다. 본 연구는 현재 우리나라에 ...

역모기지제도는 노인들이 소유하고 있는 자산을 유동화하여 매월 생활자금으로 지원하는 방식이다. 이 방법에는 종신지급형, 일정기간 지급형 및 신용한도제가 있으며, 이제도는 노인주택소유자들의 사회복지보장을 위한 중요한 금융장치이다. 본 연구는 현재 우리나라에서 도입예정인 노인연금제도에 대한 새로운 모형을 개발하고자 한다. 지금까지 역모기지모형은 주택가치의 변화, 물가의 변동 및 노인들의 자금수요에 관계없이 매월 일정한 금액을 지급하는 고정지급방식이 대부분이다. 그렇지만 본 연구에서는 기존의 연구와 함께 주택자산의 가치, 물가의 변화 등을 고려한 변동지급방식을 개발하고자 한다. 또한고정 및 변동지급방식에서 제공되는 월별지급액과 이들의 필요생활비를 고려하여 적정한 모형을 선정하고자 한다. 더구나 가구주의 연령과 필요자금수요를 고려하여 이들의 특성에 맞는 프로그램을 제공함으로써 지금까지 각종 연금제도에서 제공되는 자금으로 부족한 자금수요을 역모기지를 통하여 해결할 수 있는 방안을 찾고자 한다. 특히 변동연금지급방식은 지금까지 어느 곳에서도 연구된 바 없는 새로운 연구이며, 역모기지를 통한 부족한 생활비 지원정책은 빈약한 국내연금제도의 개선에도 크게 기여할 수 있을 것으로 기대된다. 이외에도 역모기지 프로그램의 다양화를 통하여 금년 7월 1일에 출시예정인 역모기지 상품에 대한 선택기회의 확대가 가능하게 되어 우리나라 역모기제도 정착에 크게 기여할 수 있을 것으로 기대된다. 또한 본 연구는 역모기지도입을 서두르는 다른 국가의 역모기지 정립에도 기여할 수 있을 뿐만 아니라, 역모기지제도의 본고장이라 할 수 있는 미국의 역모기지 지급방식의 변화에도 크게 기여할 수 있을 것으로 기대된다.

A reverse mortgage system is recognized as an important financial vehicle to supplement current social security systems for elderly homeowners. This paper develops a new payment plan, called a graduated monthly payment which considers the living expen ...

A reverse mortgage system is recognized as an important financial vehicle to supplement current social security systems for elderly homeowners. This paper develops a new payment plan, called a graduated monthly payment which considers the living expenditures for the elderly and the consumer price index and analyzes two types of tenure plans,: a constant monthly payment plan and a new graduated monthly plan based on different scenarios on the value of house and the longevity of borrowers in Korea. This paper evaluates the ratios of the monthly payments to the monthly living costs for households with heads 65 years of age and older through the reverse mortgage system. The objective is to determine a better payment system for elderly households in Korea which is a rapidly aging society. This would help elderly homeowners select a more appropriate payment type of reverse mortgages based on their life expectancy and living costs that can be applied to any other rapid aging country.

A reverse mortgage system is recognized as an important financial vehicle to supplement current social security systems for elderly homeowners. This paper develops a new payment plan, called a graduated monthly payment which considers the living expen ...

A reverse mortgage system is recognized as an important financial vehicle to supplement current social security systems for elderly homeowners. This paper develops a new payment plan, called a graduated monthly payment which considers the living expenditures for the elderly and the consumer price index and analyzes two types of tenure plans: a constant monthly payment plan and a new graduated monthly plan based on different scenarios on the value of house and the longevity of borrowers in Korea. This paper evaluates the ratios of the monthly payments to the monthly living costs for households with heads 65 years of age and older through the reverse mortgage system. The objective is to determine a better payment system for elderly households in Korea which is a rapidly aging society. This would help elderly homeowners select a more appropriate payment type of reverse mortgages based on their life expectancy and living costs that can be applied to any other rapid aging country.

A reverse mortgages have several positive effects for the elderly as the previous discussions. Seniors do not have to move or lose the title over their most important asset but the reverse mortgages only allow borrowers to tap a proportion of their ho ...

A reverse mortgages have several positive effects for the elderly as the previous discussions. Seniors do not have to move or lose the title over their most important asset but the reverse mortgages only allow borrowers to tap a proportion of their housing equity. It also supports the spouses after the borrowers die. Moreover the left-over assets can be transferred to their heirs after paying off the loan.
This study contributes to two aspects on the reverse mortgages. At first this paper theoretically developed a new payment plan, called a gradual payment method in the reverse mortgage system- that considers the changes in living costs and consumer prices even through a graduated payment method is available in the forward mortgage system. The paper also analyzes the payment ratios to the required expenditure of two payment methods, a constant payment which is the payment system of HECM in the United States and a graduated one that uses the data on four different life expectancy groups and three different housing values.
Second, this study empirically examined the effects of two different reverse mortgage systems in order to meet living expenditures and to improve the quality of life for elderly homeowners in the Korean housing financial market. This paper focused on the analysis of the appropriate methods of tenure payments for reverse mortgages. The ratios of monthly living costs to a constant payment type and a graduated payment type would help elderly homeowners select more appropriate payment methods of reverse mortgages according to their needs and their housing values.
This paper also provides more information about risk, discount rates, changes in housing values and the consumer price index. A graduated payment system can alleviate the risk of decreasing the purchasing power on the reverse mortgage system due to long-term financial market instability. This program can be applied to the housing finance market of any other rapid aging country as well as the Korean housing finance market where a reverse mortgage system will be introduced eventually. It also is suitable for countries with unstable financial markets because it reflects the changes of living cost and the housing financial market. These results suggest a new payment type that considers the living costs of mortgagors and changes in future housing prices and provides appropriate payment alternatives based on the longevity of mortgagors and housing value.
Uncertainty on future health and long-term case expenses will increase the demand of reverse mortgage by tapping the housing assets without moving out or sell their homes. High level of homeownership and home equity can provide the seniors with an important opportunity to stay their own housing without moving out by using the reverse mortgages. These funds can be used for the long-term care funds in home. Consequently the reverse mortgages can be utilized as one of the most important policy alternative for the elderly welfare. However this study only focused on the simulation of several different reverse mortgages because the reverse mortgage system is not introduced in the Korean housing financial market. Therefore, the more specific studies on the each different aspect of reverse mortgage programs are needed after its introduction in the Korean housing market.