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Silver Housing Market and Reverse Mortgage

  • Korea Real Estate Review
  • 2010, 20(2), pp.211-232
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

유주연 1 이준용 1 한지원 1 Son, Jae-young 1

1건국대학교

Accredited

ABSTRACT

Reverse Mortgage was introduced in Korea as a social welfare policy for the elderly which provides stable income flow drawing from housing equity. Until recently, the reverse mortgage accepted only regular houses as collateral, excluding silver housing units built under the Elderly Welfare Act. The government has recently amended regulations governing the reverse mortgage to cover the silver houses. The purpose of this study is to provide basic data which are necessary in designing reverse mortgage products with the siver houses as collateral. We conducted extensive survey to identify characteristics of the silver houses and it market. Our study shows that expected rate of price increase should be set lower than regular houses in calculating monthly payment for the silver houses.

Citation status

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