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A Study on the Farmland Reverse Mortgage System

  • Public Land Law Review
  • Abbr : KPLLR
  • 2013, 61(), pp.61-82
  • Publisher : Korean Public Land Law Association
  • Research Area : Social Science > Law

Choi, In Ho 1

1남서울대학교

Accredited

ABSTRACT

The purpose of this study is to find out the present states and problems of Farmland Reverse Mortgage System and to suggest improvements. As for research methods, a theory study and a case study were conducted at the same time. The theory study was conducted to investigate the contents of ‘Korea Rural Community Corporation and Farmland Management Fund Act’, and the case study was conducted to analyze the present states and financial poverty of old-aged farmers and farmland mortgage assessment methods to estimate farmland pension. The results of this analysis can be summarized as below:Firstly, the number of old-aged farmers is on an growing trend, further increasing their economic poverty. Secondly, in farmland mortgage assessment methods to estimate farmland pension, the difference between estimation through individually-announced public land price regulated by law and estimation through appraisal and assessment values is up to 50% on average all over the country. In conclusion, since farmland pension is real estate finance of reverse mortgage loan system that has a strong feature of social security for old-aged farmers, the related institutions for the estimation of farmland pension should be improved to estimate farmland pension with appraisal and assessment methods as equally as ordinary collateral assessment.

Citation status

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