• KSCE Journal of Civil and Environmental Engineering Research
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• v.37 no.2
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• pp.437-444
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• 2017

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.

• Korea journal of population studies
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• v.32 no.3
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• pp.73-101
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• 2009

이 연구의 주된 목적은 주택연금제도의 이용의향에 영향을 미치는 요인을 파악하되 예비노인과 노인을 구분하여 살펴보는 것이다. 특히 주택연금제도의 이용의향에 영향을 미치는 변수 중 인구사회 및 경제학적 변수를 포함하여 자녀관련 요인이나 노후대비 관련 요인 등 선행연구에서 조명하지 못했던 변수들을 중심으로 다른 변수들의 영향력을 통제한 후에 이들이 얼마만큼 영향을 미치는지 살펴보고자 하였다. 그 결과 예비노인과 노인에게서 공통적으로 나타났던 결과들은 자녀와의 관계적 측면과 관련된 변수인 주택상속의향이었으며, 다르게 나타났던 결과들은 예비노인의 경우 주택연금제도 이용에 대한 자녀의 찬성정도와 더불어 삶의 질 향상 측면으로 대표되는 다양한 여가활동을 즐길 수 있다는 판단이며, 노인의 경우 주택연금이 자녀부담감소에 도움이 될 것이라는 인식과 더불어 건강상태로 대표되는 경제적인 측면이 주택연금제도 이용의향에 더 영향을 미쳤음을 살펴볼 수 있었다.

• Korea Real Estate Review
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• v.28 no.1
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• pp.115-130
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• 2018

This study investigated the factors influencing the termination of the JooTeakYeonKeum contract according to its rate increase, and aimed to identify the differences in the factors affecting the cancellation of the contract according to the collateralized house price range. The results showed that the higher the cumulative increase rate of the mortgage housing price at the time of subscription is, the higher the monthly payment, the larger the gap between the monthly payment and the minimal living expenses for aging, the lower the net population moving rate in the previous month, and the lower the cumulative mortgage. Moreover, the JooTeakYeonKeum contract is terminated. The factors affecting the termination of the contract are different in each interval of the price range of the mortgage housing. To confirm this, a mortgage price range model was constructed and analyzed. The results showed that 60% of the elderly participants in the JooTeakYeonKeum program subscribed thereto with a below-average subsidized housing price. It was confirmed that the factors affecting the termination of the contract differ by price range. Lowering the risk of increasing the JooTeakYeonKeum termination rate will be a significant way of boosting the welfare of elderly people aged 65 and older, and of easing the impact of population aging.

• 주택과사람들
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• s.207
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• pp.64-67
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• 2007

부부 모두 65세 이상인 고령자가 집 한 채를 보유하고 있으면 가입자가 사망할 때까지 매달 연금을 자급받을 수 있게 되었다. 지난 7월12일부터 판매되기 시작한 이후 수백 건의 상담이 이뤄지는 등 수요자들의 관심이 증폭되고 있는 주택연금의 신청자격과 가입방법 등에 대해 알아보았다.

• The Korean Journal of Applied Statistics
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• v.31 no.1
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• pp.77-96
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• 2018

A reverse mortgage provides a pension until the death for the insured or last survivor. Long-term risk management is important to estimate the contractual period of a reverse mortgage. It is also necessary to study prediction methods of mortality rates that appropriately reflect the improvement trend of the mortality rate since the extension of the life expectancy, which is the main cause of aging, can have a serious impact on the pension financial soundness. In this study, the Lee-Carter (LC) model reflects the improvement in mortality rates; in addition, multiple life model are also applied to a reverse mortgage. The mortality prediction method by the traditional LC model has shown a dramatic improvement in the mortality rate; therefore, this study suggests mortality projection based on the projection of the skewness for the mortality that has been applied to appropriately reflect the improvement trend of the mortality rate. This paper calculates monthly payments using future mortality rates based on the projection of the skewness of the mortality. As a result, the mortality rates based on this method less reflect the mortality improvement effect than the mortality rates based on a traditional LC model and a larger pension amount is calculated. In conclusion, this method is useful to forecast future mortality trend results in a significant reduction of longevity risk. It can also be used as a risk management method to pay appropriate monthly payments and prevent insufficient payment due to overpayment by the issuing institution and the guarantee institution of the reverse mortgage.

• International Area Studies Review
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• v.21 no.1
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• pp.221-243
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• 2017

In this study, I examine overall conditions and problems of personal asset management processes by the old age people in Korea from the global perspectives. Major recommended policy implications for those are as follows.. First, the IRR (income replacement ratio) of public pensions in Korea is found to rank nearly the lowest among the OECD member countries. The relatively low fund performance compared to that of developed countries as well as this low IRR can be pointed out as major problems of public pension in Korea. It is recommended to reinforce specialty in fund management as a top priority to solve out these problems related with public pensions in Korea. Second, it is needed to set retirement pensions to be mandatory for almost all the firms in Korea to substitute for the above lower IRR of public pensions and to recover from the highest elderly poverty ratio among the OECD countries. Third, it is required to discuss about the expansion of tax refund policy application in the individual pension sector and many financial investment products under the correction of current budget control to motivate voluntary subscription for individual pension planning and to stabilize elderly lives of ordinary people in Korea. Fourth, it is required to induce market mechanism in controling price and longevity risk of reverse mortgages for the long-run sustainability.

• Journal of Digital Convergence
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• v.12 no.7
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• pp.197-203
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• 2014

This study deals with a comparative analysis on reverse mortgage loans and mortgage loans in order to pave a path for activation of real estate financing. The fact-revealing analysis was conducted through surveys based on theoretical consideration and advanced researches, which has drawn a range of findings. As the results of this study, the important findings concerning the improvement on the activation of practical housing reverse mortgages are applicable to all real estate, diversifying the tax benefits, and deregulation of 1 house, etc. and findings concerning the improvement to activate mortgage loans are diversifying types of interest rates, diversifying types of repayment, tax benefits for less than 15 years maturity period, and granting benefits(low interest rates, higher loan limits) to low-income households, etc. This study has a significance for providing basic materials in order to accomplish advanced finance policies along with social welfare services as suggesting measures to improve and activate real estate financing through the findings out of the fact-revealing analysis conducted as above.

• Journal of the Economic Geographical Society of Korea
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• v.21 no.2
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• pp.156-172
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• 2018

Recently, Korea suffered serious social conflicts between generations due to population aging. Anxiety about depletion of the National Pension Fund is one of the social problem to young generation, because of the uncertainty that they will not able to receive the pension they paid. At the same time, due to the high housing rent in Seoul metropolitan area, the demand for housing welfare and supply of public rental housing for young generation was increased. There are some opinions about using National Pension Fund to supplying public rental houses in the society. In this research, we were concentrated on finding the suitable areas for the public rental house using National Pension Fund. First, verifying the validity of the investment using National Pension Fund for the public rental housing was done. And spatial statistical methods were applied to explore the suitable areas for the public rental housing in Seoul metro area. Finally, this study divided young people into three groups and analyzed ways to supply public rental housing for each group in proper areas by their demand. This research's ultimate goals are mitigating the conflicts between the generations and achieving both profitability and publicness of National Pension Fund.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.42 no.6
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• pp.869-877
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• 2022

This study aims to analyze the factors affecting the re-subscription period upon initial termination of the reverse mortgage subscription. The study utilized the Korea Housing Finance Corporation's database to extract the information regarding re-subscribers of the reverse mortgage from July 2007 to June 2021. The ordered logit model was employed and found that a set of user (subscriber) characteristics are influential towards the re-subscription period. Among the individual characteristics, changes in age group, marital status from married to single-living, maintaining single-living, and the initial subscription period were found statistically significant, highlighting that the increase in the initial subscription period decreased the re-subscription period. Among the housing (home equity) characteristics, changes in housing price and ownership type (single and partial ownership) were statistically significant, indicating that the change in ownership type decreases the re-subscription period. Lastly, the variables related to loan terms were found significant, revealing that changes in payout method and schedule were both increasing factors of the re-subscription period. Based on the findings, necessary policy implications can be considered to secure the returning subscribers of the reverse mortgage effectively.

• Korea Real Estate Review
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• v.28 no.1
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• pp.105-114
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• 2018

According to Statistics Korea, South Korea has entered the realm of the "aging society" with the rapid development of the country's population. Researchers anticipate that the extremely high (73%) ratio of real estate property to total assets for mid-age to aged households in South Korea that do not have a fixed income may cause serious problems in the future. For example, the real estate market in South Korea may be bombarded with properties listed for sale, causing the average property price to drop due to the abundant supply. Although this prediction may be reasonable, this concept has excluded the idea of pension (which is crucial as it can be considered a consistent and fixed income) due to the limited amount of available data thereon; as such, it is important to include this factor to improve the pertinent research. Thus, this research was conducted using the data from the $3^{rd}$ and $5^{th}$ Korea Retirement and Income Study. For the study results, it was found that variables such as net asset, gender, education, and number of family members have the same impact as that found in the previous studies. To extend from here, two new factors were introduced: the existence of pensions and the amount of pension received by a household. From there, it was found that the existence of a consistent and fixed income such as a pension has led to an increase in housing consumption, the area of interest of the authors.