노인주거복지를 위한 역모기지(Reverse Mortgage) 방식의 미국 주택연금 제도 - Estate of Jones v. Live Well Financial, Inc. 미연방 법원 판례에서의 계약자유의 원칙 쟁점을 중심으로 -

김민성 한국토지법학회 2022 土地法學 Vol.38 No.2

A reverse mortgage, functioning as a home pension, provides necessary money, such as medicare and living expenses, to elderly applicants who have home property but do not have enough money. A reverse mortgage is insured by the U.S. government, referred to as HECM, and a private one is operated by a bank. The critical difference between those two types of reverse mortgages is whether the U.S. government ensures the risk of a reverse mortgage loan. HECM, which provides elderly applicants with housing security, requires a bank, a creditor of a reverse mortgage, to observe the public policy of the aged-decent housing. According to the law of Insurance of Home Equity Conversion Mortgages for Elderly Homeowners, a bank should guarantee decent housing to an elderly applicant of HECM as well as their spouse, who did not register HECM, regardless of contracts of a reverse mortgage. On the other hand, a private reverse mortgage should respect a bank’s right of contracts. In a private reverse mortgage, a spouse cannot prevent a bank following the contracts from foreclosing its living house if he or she did not register a private reverse mortgage as an applicant and perform its contractual duty of reverse mortgage. The federal courts’ case dealing in this paper reviews the purpose of HECM, which is to protect elderly applicants, including their spouse, who lack money although they have decent housing. Considering this purpose, each party argues whether a private reverse mortgage can also be followed by the law of Insurance of Home Equity Conversion Mortgages for Elderly Homeowners. The courts state that this law was enacted and modified to protect elderly applicants, including its spouse, and restrict the coverage of the U.S. government’s insurance for a reverse mortgage. Therefore, only a bank observing the requirements of the law and agreeing to follow the law’s direction can be insured by the U.S. government. This paper introduces how to moderate a conflict between public policy and the right of contracts. Thus, it sheds light on how to promote welfare for seniors without threatening the right of contracts.

한일 공적 역모기지 상품 비교와 일본 역모기지 발전을 위한 제언

노영임 ( No Young-im ) 동서대학교 일본연구센터 2017 次世代 人文社會硏究 Vol.13 No.-

한국과 일본은 빠른 속도로 초고령사회에 진입하고 있으며 이에 따라 고령층에 대한 생활안정이 국가적 차원의 문제로 떠오르고 있다. 자산의 대부분이 주택이고 기존 소유 주택에서 계속 거주를 원하는 고령층에 평생거주와 평생생활비를 보장하는 역모기지는 부동산을 유동화하고 국가적 복지재원을 상대적으로 절감할 수 있는 고령층 복지의 대안이 된다. 이러한 상황에서 한국와 일본의 공적 역모기지를 살펴보면 유사한 역모기지 시장을 가지고 있으면서도 역모기지 공급에서 큰 차이를 보이고 있다. 한국의 주택연금은 해마다 성장하고 있는 반면 역사가 더 오래된 일본의 공적역모기지 공급은 정체하고 있는 상황이다. 일본 역모기지 부진의 원인은 직접대출의 부담으로 리스크를 가입자에게 전가하고 있다는 점과 역모기지의 실질적인 역할을 수행하기 힘든 상품요건을 가지고 있다는 것이다. 따라서 일본 역모기지 활성화를 위해서는 정부보증 형태의 역모기지를 도입하고, 리스크 모니터링 시스템을 구축하는 것이 필요하다. 또한 역모기지 이용대상 주택과 한도제한의 완화, 적정한 담보평가실시, 연대보증인 완화 및 목적자금의 폭넓은 허용을 통해 상품성을 개선하는 것이 필요하겠다. As Korea and Japan is rapidly reaching to a super aging society, stabilization of livelihood for the elderly becomes national level issue. Since their most assets are consisted of houses where they need a continuous living with minimum living expenses, a reverse mortgage system is a meaningful alternative to an elderly welfare system in terms of that it helps to securitize real estate and to reduce the national welfare budget. There is significant difference in supply of reverse mortgage between Korea and Japan while they have a similar public reverse mortgage structure. Korean reverse mortgage is growing every year, however Japanese reverse mortgage remains sluggish. Cause of reverse mortgage depression in Japan is as follows. First, the user has taken all of the reverse mortgage risks such as an interest rate risk, longevity risk and house appreciation risk. Therefore reverse mortgage of Japan os not attractive to demand. Second, Japanese reverse mortgage has a number of requirements seems to not relate to the reverse mortgage`s propose. To encourage and stimulate the use of reverse mortgage, it is necessary to look at launching the government guarantee reverse mortgage and build the systematic risk management system at the same time. As regards improvement of reverse mortgage, it needs some deregulation in the eligible house requirement and credit limit. Also proper assessments of collateral and lifting restrictions on using reverse mortgage are help to sell the reverse mortgage in Japan.

한일 공적 역모기지 상품 비교와 일본 역모기지 발전을 위한 제언

노영임 동서대학교 일본연구센터 2017 次世代 人文社會硏究 Vol.13 No.-

As Korea and Japan is rapidly reaching to a super aging society, stabilization of livelihood for the elderly becomes national level issue. Since their most assets are consisted of houses where they need a continuous living with minimum living expenses, a reverse mortgage system is a meaningful alternative to an elderly welfare system in terms of that it helps to securitize real estate and to reduce the national welfare budget. There is significant difference in supply of reverse mortgage between Korea and Japan while they have a similar public reverse mortgage structure. Korean reverse mortgage is growing every year, however Japanese reverse mortgage remains sluggish. Cause of reverse mortgage depression in Japan is as follows. First, the user has taken all of the reverse mortgage risks such as an interest rate risk, longevity risk and house appreciation risk. Therefore reverse mortgage of Japan os not attractive to demand. Second, Japanese reverse mortgage has a number of requirements seems to not relate to the reverse mortgage’s propose. To encourage and stimulate the use of reverse mortgage, it is necessary to look at launching the government guarantee reverse mortgage and build the systematic risk management system at the same time. As regards improvement of reverse mortgage, it needs some deregulation in the eligible house requirement and credit limit. Also proper assessments of collateral and lifting restrictions on using reverse mortgage are help to sell the reverse mortgage in Japan. 한국과 일본은 빠른 속도로 초고령사회에 진입하고 있으며 이에 따라 고령층에 대한 생활안정이 국가적 차원의 문제로 떠오르고 있다. 자산의 대부분이 주택이고 기존 소유 주택에서 계속 거주를 원하는 고령층에 평생거주와 평생생활비를 보장하는 역모기지는 부동산을 유동화하고 국가적 복지재원을 상대적으로 절감할 수 있는 고령층 복지의 대안이 된다. 이러한 상황에서 한국와 일본의 공적 역모기지를 살펴보면 유사한 역모기지 시장을 가지고 있으면서도 역모기지 공급에서 큰 차이를 보이고 있다. 한국의 주택연금은 해마다 성장하고 있는 반면 역사가 더 오래된 일본의 공적역모기지 공급은 정체하고 있는 상황이다. 일본 역모기지 부진의 원인은 직접대출의 부담으로 리스크를 가입자에게 전가하고 있다는 점과 역모기지의 실질적인 역할을 수행하기 힘든 상품요건을 가지고 있다는 것이다. 따라서 일본 역모기지 활성화를 위해서는 정부보증 형태의 역모기지를 도입하고, 리스크 모니터링 시스템을 구축하는 것이 필요하다. 또한 역모기지 이용대상 주택과 한도제한의 완화, 적정한 담보평가실시, 연대보증인 완화 및 목적자금의 폭넓은 허용을 통해 상품성을 개선하는 것이 필요하겠다.

순위반응모형을 이용한 주택연금의 잠재시장 규모 추정

양진아,민대기,김은갑 아시아.유럽미래학회 2019 유라시아연구 Vol.16 No.3

In this paper, we study how to estimate the potential reverse mortgage market size with considering the demographic shift caused by aging population in Korea. To achieve the public goal of reverse mortgage program, old age income security, it is crucial to predict the number of reverse mortgage subscribers over a long period of time. Unlike the previous works in the literature, based on the survey with binary question of subscribe/not subscribe, we analyzed the potential reverse mortgage market size by applying the ordered response model to the survey results with 5 point Likert scale. Compared to using the survey results with binary question, our investigation shows that the estimated size of reverse mortgage market is much larger when using the ordered response model. This comes from the fact that the ordered response model measures the subscription intention of certified people for reverse mortgage program in more detail. In this paper, we estimated a potential market size of house pension subscribers in Korea through an empirical analysis. The data used in this empirical analysis is the survey data conducted in 2015 to investigate the actual condition of the house pension in Korea. The sample size is 3,000 households but we used 2,973 samples in the empirical analysis because 27 samples have missing values. In the order response model, subscription intention of reverse mortgage of household samples was measured using 5 point Likert scale: 1. Definitely wouldn’t use reverse mortgage; 2. Probably wouldn’t use reverse mortgage; 3. Might or might not use reverse mortgage; 4. Probably would use reverse mortgage; 5. Definitely would use reverse mortgage. The two major implications for the expansion of reverse mortgage subscribers are as follows. First, banking institutions need to classify certified people for reverse mortgage into several groups based on the intensity of subscribing it. Second, banking institutions need to enhance the public relations targeting certified people that have the intention to subscribe reverse mortgage beyond the average level. This paper can be extended in the two ways in the future research. The first direction is to expand the independent variables which can explain more accurately subscription intention of reverse mortgage of households. Some examples of such variables are expectation of future price rise in future and inheritance will. The survey sample data used in our empirical analysis shows imbalance in that some categories were selected very highly, compared to other categories. This imbalance of data can lower the accuracy of the estimation of potential market size of house pension subscribers. Therefore, the second direction for future research is to improve the model goodness of fit caused by the imbalanced data.

장수(長壽)는 진정 축복인가? 사회보장제도의 보완수단으로서의 역모기지론(reverse mortgage loan)의 활성화 방안에 관한 법적 연구 -미국의 경험을 중심으로-

김종호 ( Jong Ho Kim ) 고려대학교 법학연구원 2012 고려법학 Vol.0 No.64

우리나라의 경우 저소득층 지원을 위한 사회안전망이 복지선진국에 비하여 상대적으로 불충분하고 노년층에 대한 가족들의 경제적 지원도 축소되고 있는 것이 현재의 실정이므로 노년층의 복지증진을 위한 적극적인 정부지원이 필요하다. 그런데 이러한 정부의 공적자금에 의한 재정지원에는 일정한 한계가 있을 수밖에 없으므로 결국은 당사자 본인이 노년기 생활을 대비하여야 하는 바 연금이나 보험이 그 수단이 될 수 있을 것이다. 하지만 이것마저도 이용할 수 없는 경우라면 역모기지론 제도의 도입과 활성화는 유력한 대안이 될 수 있으니 이런 관점에서 정부가 적극 추진할 필요성이 있다. 역모기지론 이용 활성화를 위해서는 첫째, 정부기구의 공적보증을 통해 대출 금융기관의 담보주택 가격변동 등에 따른 채권회수 불능의 위험을 최소화하여야 한다. 둘째, 역모기지론 채권 중 정부가 보증한 채권에 대하여 유동화시킬 수 있는 장치를 마련하여 금융기관의 유동성을 확보를 하여야 한다. 셋째, 역모기지론 상품에 내재한 위험의 효과적 분담을 위해 정부보증을 통하여 대출 금융기관의 주택가격 하락ㆍ채무자인 차용인의 수명연장 위험 등을 제거하고, 금리변동의 상한선을 설정하여 금리변동에 따른 차용인의 변제액 확대 위험을 최소화하여야 한다. 넷째, 역모기지론을 신청한 이후 이를 제공할 금융기관이 필요한 정보를 수시로 제공받아 차용인을 접촉하여 상품판매를 하고 보증, 보험가입과 보험료의 납입, 대출금의 수령 등의 업무일체를 전자적으로 투명하게 처리 할 수 있도록 차용인과 금융기관 모두에게 적절한 전산시설 및 시스템을 확보하도록 하여야 한다. 다섯째, 역모기지론 제공계약 기간 동안 담보주택의 관리 소홀에 따른 담보가치의 하락을 방지할 수 있도록 전문 관리기관이 주택상태를 주기적으로 점검하는 체계적인 시스템을 갖추어야 한다. 여섯째, 사전 대출상담을 통한 정확한 역모기지론 상품정보를 제공하기 위하여 대출승인 전 정부가 승인한 상담기관의 상담을 의무화하여 금융지식이 부족한 고령자가 충분한 정보를 제공받아 스스로 의사결정을 하도록 하여야 한다. 본고에서는 역모기지론의 위험관리를 통한 활성화 방안을 제시하였다. 이를 위하여 무엇보다도 역모기지론을 둘러싼 법률문제를 정확히 이해해야 활성화가 가능하다는 전제하에 역모기지론의 법적인 논의에 초점을 맞추었다. 본고의 주요한 논의 주제는 (i) 역모기지론의 일반론으로서 미국에서의 입법배경과 목적, 법적성격, 이용가능자, (ii) 역모기지론 법적 규제, (iii) 역모기지론의 지급과 정산방법, (iv) 역모기지론의 위험관리 필요성, (v) 역모 기지론 제도의 활성화방안 등이다. To activate silver financing, I explored development of U.S. reverse mortgage loan system. The reverse mortgage is a form of equity release or lifetime mortgage available in the United States as well as Korea. It is a loan available to seniors aged 62 or older, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner`s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves. In a conventional mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term the mortgage has been paid in full and the property is released from the lender and becomes fully and solely owned by the homeowner. In a reverse mortgage, however, the homeowner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, or a bulk payment of the available equity percentage for their age, then the debt on the property increases each month. A reverse mortgage lien is often recorded at a higher dollar amount than the amount of money actually disbursed at the loan closing. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age and must occupy the property as their principal residence. There are no minimum income or credit requirements because no payments are required on the mortgage. Reverse mortgages follow Federal Housing Affairs(FHA) standards for property types. Many seniors entering into reverse mortgages do not fully understand the terms and conditions associated with the loans, and it has been suggested that some lenders have sought to take advantage of this. Before starting the loan process, applicants must take an FHA approved counseling class and present a certificate of completion of the course. The counseling is meant to serve as a safeguard for the borrowers and to ensure they completely understand what a reverse mortgage is. The maximum lending limit varies by county, but may not exceed $625,500. The loan size a borrower qualifies for is determined by the borrower`s age, the value of the home, and the home`s location. The amount of money available to the consumer is determined by primary factors: (i) The appraised value of the property, whether any health or safety repairs need to be made to the house, and whether there are any existing liens on the house. (ii) The interest rate, as determined by the U.S. Treasury 1 year T-Bill. (iii) The age of the senior (The older the senior is, the more money he/she will receive). (iv) Whether the payment is taken as line of credit, lump sum, or monthly payments. Line of credit will maximize the money available, while lump sum provides the cash immediately, but the interest fees are the highest. Monthly payments may be set up as tenure payments, which are paid to borrowers for the rest of their lives, no matter how long they live, or term payments, which last for a predetermined period. The value of the property, and whether that value is higher than the national loan limit set by Department of Housing and Urban Development(HUD). Once the reverse mortgage is established, there are no restrictions on how the funds are used. The cost of getting a reverse mortgage from a private sector lender may exceed the costs of other types of mortgage or equity conversion loans. Exact costs depend on the particular reverse mortgage program the borrower acquires. Interest rates on reverse mortgages are determined on a program-by-program basis, because the loans are secured by the home itself, and backed by HUD, the interest rate should always be below any other available interest rate in the standard mortgage marketplace for an FHA reverse mortgage. Each month, interest is calculated not only on the principal amount received by the borrower but on the interest previously assessed to the loan. Since no monthly payments are made by the borrower on a reverse mortgage, the interest that accrues is treated as a loan advance. Several lenders now offer FHA HECM reverse mortgages that have fixed interest rates. Some fixed rate reverse mortgages limit the cash proceeds to half of that offered by adjustable rate reverse mortgages. To apply for an FHA/HUD reverse mortgage, a borrower is required to complete a counseling session with a HUD-approved counselor. The counselor will explain the legal and financial obligations of a reverse mortgage. After the counseling session, the borrower receives a certificate of counseling that is required before the loan application can be processed. The loan comes due when the borrower dies, sells the house, or moves out of the house for more than 12 consecutive months. Once the mortgage comes due the borrower or heirs of the estate will have an option to refinance the home and keep it, sell the home and cash out the equity, or turn the home over to the lender. If the property is turned over to the lender the borrower or the heirs have no more claim to the property or equity in the property. The lender has recourse against the property, but not against the borrower personally nor against the borrowers heirs, referred to as non-recourse limit. Once all borrowers on a reverse mortgage passes away the heirs are granted 6 months to sell the home, refinance it, or to make the decision to turn the home over to the lender. Home Equity Conversion Mortgages account for 90% of all reverse mortgages originated in the U.S. As of May 2010, there were 493,815 active HECM loans. As of 2006, the number of HECM mortgages that HUD is authorized to insure under the reverse mortgage law was capped at 275,000. Program growth in recent years has been very rapid. However, Korean policy makers should keep in mind that a drawback to reverse mortgages are the high upfront costs. Also, note that reverse mortgages have been criticized for three major shortcomings: (i) expensive cost, (ii) confusing to entering into them, and (iii) compound interest.

신탁방식 주택연금 확대를 위한 정책적 연구

최경진,전희주 보험연구원 2020 보험금융연구 Vol.31 No.3

This study intends to analyze the intention to use the trust-method reverse mortgage for the first time in order to resolve the instability of spouse supply and demand in the past, and to make a policy proposal to expand the use of the trust-method reverse mortgage. As a result of analysis of the intention to use the trust-method reverse mortgage, the most important factors influencing the intention to join the trust-method reverse mortgage are relationships with children in case of participating in reverse mortgage, intention to inherit the house, needs for education to prepare for retirement, sufficient preparation for retirement, and knowledge of reverse mortgage. In order to invigorate the trust-method reverse mortgage, it is important to communicate the concept and advantages of the trust-method reverse mortgage to the target audience. In addition, it is considered that education, public relations, and counseling for children should be strengthened so that the parents' participation in the trust-method reverse mortgage can help the parents' retirement and reduce the burden on their children. 본 연구는 최근 주택연금의 배우자 수급 불안정성 해소를 위해 추진되고 있는 신탁방식 주택연금의 이용의향 요인을 최초로 분석하고 신탁방식 주택연금 이용확대를 위한 정책적인 제안을 하고자 한다. 신탁방식 주택연금 가입의향에 영향을 주는 가장 중요한 요인은 주택연금 가입 시 자녀와의 관계, 은퇴준비를 위한 교육의 필요성, 상속의향, 노후를 위한 충분한 준비, 주택연금에 대한 지식 등으로 나타났다. 신탁방식 주택연금의 활성화를 위해서는 무엇보다 신탁방식 주택연금에 대한 개념 및 장점을 수요 대상자들에게 충분히 전달하는 것이 중요할 것으로 사료된다. 또한, 신탁방식 주택연금 가입이 부모의 노후생활에 도움이 되는 동시에 자녀부담도 경감된다는 인식을 가질 수 있도록 자녀를 대상으로 한 교육, 홍보, 상담 등도 강화되어야 할 것으로 판단된다.

베이비부머의 주택연금 가입에 대한 세대 간 인식차이 연구

여대환 ( Dae-hwan Yeo ),김여원 ( Yeo-won Kim ),백성준 ( Sung Joon Baek ) 한국건설경제산업학회 2014 건설경제산업연구 Vol.5 No.1

본 연구에서는 선행연구를 바탕으로 한 가족(세대)를 구성하고 있는 베이비부머의 부모와 자녀간의 주택에 대한 소유, 상속에 대한 인식 등의 차이를 규명함으로써 베이비부머의 주택연금 가입에 미칠 시사점을 도출하였다. 또한 어떤 요인들이 주택연금 가입결정에 있어서 영향력이 큰지도 알아보았다. 첫째 경제적인 요인 중 ``충분한 결혼비용 준비``, ``목돈의 감당여부``, ``주택연금 가입필요`` 등이 부모와 자녀간의 인식차이가 존재하는 것으로 나타났다. 자녀들이 보다 더 부정적인 판단을 보였다. 둘째 가족 왕래여건 요인 중 ``주택연금을 통한 동일생활권 희망 등이 부모와 자녀간의 인식차이가 나타났다. 자녀세대가 더 높게 나타났으며 부모에게 의존이 필요한 자녀들의 성향이 나타났다. 셋째 상속여부요인 중 ``경제적 지원을 통한 주택구입``은 부모가 높게 응답했고, ``주택연금으로 인해 상속이 어려워져도 괜찮음``에서는 자녀가 높게 응답을 했다. 넷째 주택소유인식 요인 중 ``주택연금으로 인한 소유권 없어짐``은 부모와 자녀 모두에게서 높게 나타났다. 이는 주택연금제도의 긍정적인 측면이라고 볼 수 있다. 다섯째 주택부동산 시장 요인 중 ``향후 주택가격의 하락``에 대해서는 부모와 자녀 모두 높게 응답하였다. 자산증대보다는 주택 연금을 활용하는 것이 더 낫다고 판단한 것을 알 수 있다. 본 연구는 한 가족을 이루는 베이비세대 부모와 자녀를 대상으로 주택연금에 대한 인식차이를 규명하여 시사점을 제공하였지만 이미 주택연금을 수령하고 있는 사람들을 직접적으로 연구하지 못한 한계점이었다. 또한 지금 당장 일어날 문제는 아니지만 주택연금 가입으로 인하여 주택시장의 수요와 공급에 미칠 영향에 대한 조사와 연구는 부족하여 추후 과제로 남겨둔다. In this study, implications affecting baby boomers` joining reverse mortgage were drawn by investigating the differences in perception on ownership, inheritance for housing of baby boomers and echo boomers forming a family(household) based on previous studies. In addition, we examined what factors had a great effect in deciding to join reverse mortgage. The study method conducted with domestic and international literature and research data and selected how to analyze empirically through a survey. First, ``enough marriage expenses preparation``, ``presence of affording a good chunk of money``, ``the needs of joining reverse mortgage`` among economic factors showed differences in perception between parents and children, Children showed more negative than parents, Second ``hoping the same life zone through reverse mortgage`` of family`s visiting conditions` factors displayed differences in perception between parents and children, It appeared in the generation of children, their tendency to need to rely on parents showed. Third, regarding ``buying a house through financial support`` among the presence of inheritance`s factors, parents responded higher, with respect to ``good even if the inheritance is difficult due to reverse mortgage``, children responded higher, This can be a positive aspect of reverse mortgage, Fifth, in regard to ``the decline in housing price in the future`` among residential real estate market`s factors, both parents and children responded high, It can be seen that they determine the use of reverse mortgage rather than asset`s expansion. Though the study provided implications by investigating differences in perception for reverse mortgage targeting parents of baby boomers and children of echo boomers forming a family, it has limitations of not directly studying those who have already received reverse mortgage, In addition, the research and studies on the effect of joining reverse mortgage on demand and supply in the housing market are lack so challenges in the future remain.

수도권 주택시장변화가 주택연금공급액에 미치는 영향

임미화 건국대학교 부동산도시연구원 2015 부동산 도시연구 Vol.7 No.2

This paper examines the effects of changes in housing market in Seoul metropolitan area on the volume of reverse mortgage. Two empirical models were specified to figure out determinants of the rate of change in the volume of reverse mortgage. Explanatory variables included were the rate of change in house price, change in mortgage interest rate, the rate of change in the volume of house transactions, the rate of change in unsold apartment units, and reverse mortgage-related policy variables. Empirical results showed that the rate of change in house price was not statistically significant to the rate of change in the volume of reverse mortgage. However, mortgage interest rate, volume of house transactions, and policy-related variables were statistically significant. The negative relationship between the volume of reverse mortgage and the volume of house transactions implies that older homeowners demand more reverse mortgages when the housing market gets cold. Therefore, the government and the relevant administration responsible for reverse mortgage should prepare sufficient reverse mortgage funds in the cold market. 본 연구는 수도권지역을 대상으로 주택연금 공급금액의 변화에 주택시장과 정책변수들의 영향력을 분석하였다. 분석결과 주택매매가격지수는 통계적으로 유의하지 않은 것으로 나타났고, 주택거래량, 주택담보대출 이자율, 대출한도확대 등이 통계적으로 유의성을 갖는 것으로 분석되었다. 본 연구결과를 통해 주택연금 공급금액 변화에 있어 주택시장의 변화가 큰 영향을 끼치고 있다는 점을 확인할 수 있었다. 특히, 주택거래량의 변화가 주택연금 공급금액에 미치는 영향을 봤을 때 주택시장의 활성화, 비활성화 여부는 주택연금 가입에 큰 영향력을 가지고 있음을 알 수 있다. 이러한 결과를 볼 때 정부는 주택시장이 경직될 가능성이 보이면 주택연금 공급을 위한 예산을 충분히 확보하고, 주택시장이 활성화 되어 있는 상황에서는 공적자금을 주택연금 공급을 위한 예산으로 묶어두기 보다는 보금자리론, 임대주택 확보 등을 위한 자금으로 사용하는 등 예산을 효율적으로 활용할 수 있는 방안을 마련할 필요가 있다.

고령화 사회 대비를 위한 역모기지(reverse mortgage)제도 고찰 - 부동산증권화(Real Estate Investment Trusts)를 중심으로

서윤규(Seo Yun Keuy) 한국부동산학회 2007 不動産學報 Vol.31 No.-

  1. CONTENTS<BR>  (1) RESEARCH OBJECTIVES<BR>  The purpose of this study is to review the efficiency of reverse mortgage for an aged society in the future. The less a birth rate is a rapid decrease, the more the aged rate is a rapid increase. The more serious problem of increase the rate of aged rate is much more rapid than any other prior aged country in the world. A reverse mortgage means borrowing money against the value of the property. The homeowner receives the monthly loan, or annuity, based on the value of his property. In the event the homeowner dies, the estate sells the property and pays the money owed to the lender before distributing whatever remains to the heirs. The aged is need to help financial support for comfortable economic life.<BR>  (2) RESEARCH METHOD<BR>  Literature and comparative case study<BR>  (3) RESEARCH RESULTS<BR>  Four factors are key to the long-term viability of reverse mortgage system, 1) expected interest rates, 2) borrower longevity, 3) dropout rates, 4) house value appreciation. reverse mortgage programs need to deposits in to securities.<BR>  2. RESULTS<BR>The elderly people who are house rich but cash poor will meet some financial difficulties in the future. This study"s purpose is the efficiency of reverse mortgage system. Korea society seemed to become senescent as the day progressed. So the more aged people will use the reverse mortgage system and put abundant house on the real estate market. If an enormous amount of real property do not sale, the real estate market get into uncontrollable confusion. the solution is real property convert into securities.

주택연금 수익비 분석에 관한 연구

최경진(Choi, Kyung-Jin),이동화(Lee, Dong-Hwa) 한국경영교육학회 2020 경영교육연구 Vol.35 No.4

[연구목적] 주택연금은 생존 시 자신의 소유주택에 거주하면서 월지급금을 받을 수 있을 뿐 만 아니라 사망 시 주택처분가액이 대출잔액에 비해 높을 경우 그 차액에 대해 상속이 가능하다. 그러나 이러한 장점에도 불구하고 월지급금에 대한 불만족으로 주택연금의 가입률은 저조한 상황이다. 본 연구에서는 주택연금의 장점을 반영한 연령 및 주택가격별 가입자의 수익비를 산출하여 주택연금의 종합적 가치를 분석하고 관련 시사점을 제공하고자 하였다. [연구방법] 본 연구는 주택연금의 장점을 계량화하여 가입 시 주택가격 대비 월지급금, 거주안정, 유산의 현재가치를 모두 합한 총 주택연금가치의 비율을 수익비로 정의하여 2019년 기준 가입연령별 주택연금의 수익비를 산정하였다. [연구결과] 주택연금의 수익비를 산정한 결과, 모든 연령대에서 수익비가 1을 초과하는 것으로 나타나 주택연금의 사회보장적 성격이 내재되었음을 확인할 수 있었다. 또한 저 연령 가입자 일수록 수익비는 높게 나타나 저연령 가입자가 상대적으로 유리한 구조로 주택연금제도가 설계된 것을 확인할 수 있었다. [연구의 시사점] 따라서 유형의 월지급금 뿐 만 아니라 주택연금에 내재된 거주안정 및 유산의 가치 등 주택연금의 종합적인 가치를 면밀히 고려하여 합리적인 가입의사결정을 할 필요가 있다. [Purpose] Korean are reluctant to join the reverse mortgage as they are unsatisfied for the level of monthly payment even though the reverse mortgage provides various benefits. In this paper, we conduct money’s worth analysis in order to deal with reasons why they do not prefer to join reverse mortgage in Korea. [Methodology] We define the total value of reverse mortgage which includes the ratio of property value and monthly payment, the residential stability and the present value of inheritance. And then we calculate the money’s worth ratio of reverse mortgage by borrower’s age as of 2019. [Findings] Our results show that the money’s worth ratio for all ages was calculated more than 1, confirming that the characteristics of social security is inherent in the reverse mortgage. Additionally, the younger member joins the reverse mortgage, the higher money’s worth ratio are provided in our results. That is, the reverse mortgage is designed with a relatively favorable structure for younger borrowers. [Implications] Thus, peoples need to decide rationally by considering aggregate value of reverse mortgage which consists of not only monthly payment but also the residential stability and inheritance value.