Analysis of Financial Value by Participant Age of Reverse Mortgage

Choi, Kyung-jin; Sung Jooho; Keewhan Sung

doi:10.23842/jif.2019.30.4.001

Journal of Insurance and Finance

2019, 30(4), pp.3-29
DOI :10.23842/jif.2019.30.4.001
Publisher : Korea Insurance Research Institute
Research Area : Business Management

Choi, Kyung-jin ¹ , Sung Jooho ² , Keewhan Sung ³

¹ 한국주택금융공사 주택금융연구원
² 경희대학교
³ 경희대학교

ABSTRACT

This study estimates the financial value of living stability, bequest and resident stability at the time of purchasing reverse mortgage. The financial value of living stability increase but that of resident stability decreases with the age of borrower. Increases in survival of 70-year-old are directly related to the present value of living and resident stability, but inversely related to that of bequest. With increases in mortgage rate, the present value of bequest decreases but that of resident stability increases. With increases in housing prices, both the present value of bequest and that of resident stability increases. This study is significant that it assesses the present value and financial effects of bequest and resident stability in addition to monthly payment.
KEYWORDS

Reverse mortgage , Living stability , Bequest , Resident stability
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