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Income Security and Consumption-Boosting Effects of Reverse Mortgage
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주택연금의 소득보장 및 소비진작효과 분석

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Type
Academic journal
Author
Journal
The Korean Data Analysis Society Journal of The Korean Data Analysis Society Journal of The Korean Data Analysis Society 제22권 제1호 KCI Accredited Journals
Published
2020.1
Pages
227 - 241 (15page)

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Income Security and Consumption-Boosting Effects of Reverse Mortgage
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This paper investigates on replacement ratio and marginal propensity to consume by the source of incomes based on 2016~2018 survey on demand of reverse mortgage in order to shed light on the income security and consumption-boosting effects of reverse mortgage, which is called housing pension in Korea. The estimates of total replacement ratios of public pension and reverse mortgage by quantile on housing price falls in the range 90~116% which is higher than OECD average. In addition, based on the estimated consumption function, the marginal propensity to consume on reverse mortgage shows the highest consumption-boosting effect compared to other income sources such as public pension and labor/business income. Furthermore, for the case on policyholders having income/business income, the marginal propensity to consume increases due to the relief on uncertainty of future cashflow after retirement which is likely to reduce the motive of precautionary saving. As a result, reverse mortgage is beneficial to the retirees, especially having trouble due to asset rich and cash poor.
#reverse mortgage #income replacement ratio #marginal propensity to consume #survey on demand of reverse mortgage.

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Bank, J. / 1998 / Is there a retirement-savings puzzle? / The American Economic Review 88(4):769~788 google schola Brady, P. J. / 2010 / Measuring retirement resource adequacy / Journal of Pension Economics and Finance 9(2):235~262 google schola Chiang, M. / 2012 / Retirement consumption behavior: evidence from HRS CAMS 2001-2009 google schola 전희주 / 2019 / 주택연금 가입에 대한 가입 의향 요인 / Journal of The Korean Data Analysis Society 21(3):1203~1216 dbpia 정세창 / 2013 / 국민연금의 한계와 퇴직연금 활성화 방안 / Journal of The Korean Data Analysis Society 15(6):3409~3420 google schola

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