한일 공적 역모기지 상품 비교와 일본 역모기지 발전을 위한 제언

Abstract

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.