Browse > Article
http://dx.doi.org/10.12652/Ksce.2017.37.2.0437

A Study on Determinants of Use and Satisfaction of Reverse Mortgage Considering Socioeconomic Characteristics of the Elderly  

Lee, Jae Song (Pusan National University)
Choi, Yeol (Pusan National University)
Publication Information
KSCE Journal of Civil and Environmental Engineering Research / v.37, no.2, 2017 , pp. 437-444 More about this Journal
Abstract
The purpose of this study is to analyze the factors affecting the reverse mortgage utilization and satisfaction of the elderly. Based on the survey data of the reverse mortgage demand in 2016, we carried out empirical analysis using the binary logit model and the ordered logit model. First of all, as a result of the empirical analysis using the binary logit model, the determinants of using the reverse mortgage were age, region, assets, household member, children with financial help, and education level. As a result of the empirical analysis using the ordered logit model, the determinants of the satisfaction level of the reverse mortgage were estimated to be age, gender, and region. Based on the results of the empirical analysis, it is necessary to find a way to increase the participation rate of the reverse mortgage and to improve the satisfaction of the user.
Keywords
Reverse mortgage; Elderly; Satisfaction; Binary logit model; Ordered logit model;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Seo, Y. K. (2015). "Determinants for users' satisfaction of reverse mortgage for the real estate market." Journal of Finance & Knowledge Studies, Institute for Finance and Knowledge at Myongji University, Vol. 13, No. 2, pp. 167-188 (in Korean).
2 Seo, Y. K. (2016). "Determinants for users' reverse mortgage for the real estate market: focus on preliminary retiree." Korea Real Estate Academy Review, Korea Real Estate Academy, Vol. 66, pp. 231-245 (in Korean).
3 Patetta, M. (2001). Categorical Data Analysis Using Logistic Regression Course Notes, SAS Institute.
4 Agresti, A. (1996). An introduction to categorical data analysis, John Wiley and Sons.
5 Borooah, V. K. (2002). LOGIT AND PROBIT Ordered and Multinomial Models, Sage Publications.
6 Ahn, S. M., Lee, J. A. and Jeon, J. H. (2013). "An analysis of the determinants of housing reverse mortgage products choices in Korea." Housing Studies Review, Korean Association for Housing Policy Studies, Vol. 21, No. 1, pp. 127-154 (in Korean).
7 Armstrong, B. G. and Sloan, M. (1989). "Ordinal regression models for epidemiologic data." American Journal of Epidemiology, Society for Epidemiologic Research, Vol. 129, No. 1, pp. 191-204.   DOI
8 Allison, P. D. (2001). Logistic Regression Using SAS System : Theory and Application, SAS Institute.
9 Choi, H. B., Lee, J. S. and Choi, Y. (2016). "An analysis on the determinants of real estate assets management of the retiree." Korea Real Estate Academy Review, Korea Real Estate Academy, Vol. 65, pp. 45-58 (in Korean).
10 Choi, Y., Kim, S. H. and Lee, J. S. (2014). "A study on housing affordability for rental residents employing logit models: in case of Busan metropolitan city." Korea Real Estate Academy Review, Korea Real Estate Academy, Vol. 59, pp. 45-58 (in Korean).
11 Choi, Y. and Kim, S. S. (2014). "Analyzing the appropriateness of deposit and monthly rent in urban-life housing." Journal of Korea Planning Association, Korea Planning Association, Vol. 49, No. 3, pp. 111-122 (in Korean).
12 Freedman, D. A. (2009). Statistical Models: Theory and Practice, Cambridge University Press.
13 Greene, W. H. (2012). Econometric Analysis, Pearson Education.
14 Kim, S. W. and Woo, Y. S. (2015). "A study on factors of housing pension application for housing-based welfare in the era of aging society." Journal of Social Science, Institute of Social Science at Soongsil University, Vol. 18, pp. 79-94 (in Korean).
15 Hui, S. (2009). "Reversing the trend: the recent expansion of the reverse mortgage market." Federal Reserve Board Finance and Economics Discussion Series, 2009-42, Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C., pp. 1-41.
16 Kim, J. J. and Ma, S. R. (2011). "A study on the determinants of the demand for reverse mortgage in Korea." Korea Real Estate Academy Review, Korea Real Estate Academy, Vol. 46, pp. 207-225 (in Korean).
17 Kim, S. H. and Suh, J. Y. (2011). "A study on the analysis of users characteristics for reverse mortgage aging society." Journal of the Korea Real Estate Analysts Association, Koran Real Estate Analysts Association, Vol. 17, No. 4, pp. 45-58 (in Korean).
18 Kim, Y. H. (2010). "A study of factors that effect on the intention of using the reverse mortgage : focused on the people of advanced age more than 55 years old." Korean Journal of Social Welfare Research, Center for Social Welfare Research at Yonsei University, Vol. 24, pp. 31-59 (in Korean).
19 Lee, D. N., Kim, S. M. and Shin, S. W. (2015). "A study of factors determining JooTaekYeonkeum borrowing decisions of elderly households." Journal of the Korean Urban Management Association, Korean Urban Management Association, Vol. 28, No. 2, pp. 309-323 (in Korean).
20 Kwon, D. J. and Jang, J. M. (2012). "A study on the revitalization of reverse mortgage scheme." Journal of Korea Real Estate Society, Korea Real Estate Society, Vol. 30, No. 1, pp. 21-46 (in Korean).
21 Lee, H. Y. and Noh, S. C. (2012). Advanced Statistical Analysis, Bobmunsa (in Korean).
22 Lee, J. A. and Jeong, J. H. (2010). "A study on risks and returns using a housing Capital Asset Pricing Model (CAPM) : the case of three Gangnam districts apartment market in Seoul." Journal of the Economic Geographical Society of Korea, Economic Geographical Society of Korea, Vol. 13, No. 2, pp. 234-252 (in Korean).   DOI
23 Liu, I. and Agresti, A. (2005). "The analysis of ordered categorical data: An overview and ac survey of recent developments." Test, Sociedad de Estadística e InvestigaciOn Operativa, Vol. 14, No. 1, pp. 1-73.
24 MaCullagh, P. (1980). "Regression models for ordinal data." Journal of the Royal Statistical Society: Series B (Methodological), Royal Statistical Society, Vol. 42, No. 2, pp. 109-142.
25 Mayer, C. J. and Simons, K. V. (1994). "A new look at reverse mortgages : potential market and institutional constraints." New England Economic Review, March/April, Federal Reserve Bank of Boston, Boston, M.A., pp. 15-26.
26 Munnell, A. H. and Sass, S. A. (2014). "The government's redesigned reverse mortgage program." Issue in Brief, No. 14-1, Center for Retirement Research at Boston College, Boston, M.A., pp. 1-6.
27 Nakajima, M. (2012). "Everything you always wanted to know about reverse mortgages but were afraid to ask." Business Review, Q1, Federal Reserve Bank of Philadelphia, Philadelphia, P.A., pp. 19-31.