住房反向抵押养老保险的发展与借鉴——以美国反向抵押贷款市场为例

The Development of and Insight on Housing Reverse Mortgage Pension Insurance-Using the Reverse Mortgage Market in the US as an Example

住房反向抵押养老保险是一项包含住房财产保险、贷款人履约保证保险、抵押贷款、养老年金等多种金融产品,涉及银行、寿险、产险、券商、担保等多种金融机构以及衔接发行市场、交易市场、国家政策的复杂产品组合,开发运用得当可起到缓解借款人现金流紧张,提升日常生活品质之效用,尤其适合"房产富裕、货币贫困"的老年人,因而被不少国家作为居家养老的有效手段加以推广;本文以发展较为成熟的美国市场为例,详细分析产品的运行模式,总结其在业务增幅、贷款结构特点、借贷双方分布及区域差异等特征及其规律,并结合我国老龄化社会的特质,提出对我国试点工作的启示及具体政策建议。

Housing reverse mortgage pension insurance incorporates multiple financial products such as housing property insurance, lender performance bond, mortgage and pension fund, involves financial institutions such as banks, life insurers, property ＆ casualty insurers, brokerage firms, and guarantee companies, and links up the issuing market, trading market, and policy-related portfolios. If designed properly, it can help to alleviate tight cash flow of borrowers, lift the quality of life, and in particular, relieve the problem of ＂poor in cash while rich in real estate property ＂ of senior citizens. Therefore it has been promoted by many countries as an effective way of home-based aged care. By studying and analyzing the mature market of the United States regarding its operation model, features of business growth and loan structure, distribution of borrowers and lenders and regional differences, we could gen- eralize some rules, and then with a consideration of characteristics of the aging population in China, offer some in- sight on China＇ s pilot project and policy making.