Reverse Mortgage as an Income Stabilizer for the Elderly in Korea
Bibliographic Data
| ID | 12916648 |
|---|---|
| Authors | Yong‐Chang Heo (0000-0003-2813-1427, Keimyung University, corresponding author), Seungjae An (Seoul Social Welfare Graduate University), Baeg Eui Hong (Seoul Social Welfare Graduate University) |
| Year | 2016 |
| Volume | 10 |
| Issue | 1 |
| Pages | 103-112 |
| Publication date | 2016-02-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Asian Social Work and Policy Review (JOURNAL) |
| Journal identifiers | ISSN: 1753-1403 • E-ISSN: 1753-1411 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/aswp.12081 |
| OpenAlex | W2294441513 |
| Language | EN |
| Citations received | 4 |
| References cited | 13 |
This paper examines the features of reverse mortgages in Korea, comparing beneficiary and non‐beneficiary groups in relation to income security for elderly homeowners without sufficient income. In addition, this study estimates how much poverty rates would decrease if all elderly single and couple households joined the program. A reverse mortgage was implemented in 2007 in Korea as a government guaranteed scheme for elderly homeowners. Notwithstanding the contribution of the reverse mortgage program, many elderly homeowners do not utilize the system as a useful means to earn additional income. Given the high elderly poverty rate and incomplete social safety net in Korea, the program should be extended to supplement the insufficient income of elderly “house‐rich but cash‐poor” households. The paper first reviews reverse mortgage policy details. We then investigate key characteristics of the beneficiaries and compare beneficiaries and non‐beneficiaries based on nationwide survey data. Finally, we estimate the potential income‐raising effects of the program and draw implications of the income security policy in Korea and reconfiguration of the welfare state in a broader context
Beneficiary · Business · Context (archaeology · Demographic economics · Economic growth · Economics · Government (linguistics · Labour economics · Poverty · Public economics · Safety net · Welfare · Housing, Finance, and Neoliberalism · Intergenerational Family Dynamics and Caregiving · Social Policy and Reform Studies · Finance
The condition of asset poverty of the elderly In South Korea
Do Reverse Mortgages Reduce Poverty Rates Among Older Adults Living Alone in Spain? Analysing Their Overall and Gender-Specific Effects
Valuations of benefits paid from equity release products in the context of the changing financial requirements of elderly persons
Does home equity liquidation reduce older adults’ poverty rate? Evidence from South Korea
| Citations per year | 0.67 |
|---|---|
| Citation span | 2020 - 2025 (6) |
| Highly cited | No |