美国住房反向抵押贷款市场的政策支持体系探究

A Study on the Policy Support System of Housing Reverse Mortgage Market in U.S.

住房反向抵押贷款是一款肩负养老保障功能的复杂金融产品,政府的重视和支持是保障其市场健康持续发展的重要基础。从政策支持、宣传咨询和市场监管三个方面探究美国住房反向抵押贷款市场背后的政策支持体系,发现该体系是促进这一市场从混乱走向正轨再走向成熟的关键支撑因素。同时,以联邦政府的房产净值转换抵押贷款(HECM)为例分析极具美国特色的双向担保机制,可确认该担保机制是推动美国住房反向抵押贷款市场走向正轨的“关键一招”。建议参考美国经验,通过加强国家层面政策支持、构建官方主导的宣传咨询制度、全方位建立监管体系等举措,促进我国住房反向抵押贷款市场进一步发展。

Housing reverse mortgage is a complex financial product with pension security function,and the government’s enough recognition and support is an indispensable foundation to ensure the healthy and sustainable development of its market.This paper explores the policy support system behind the housing reverse mortgage market in U.S.from three aspects including policy support,publicity consultation and market supervision,and believes that this system is the key supporting factor for the market to move from chaos to the right track and then to maturity.At the same time,taking the Housing Equity Conversion Mortgage(HECM) provided by the federal government as an example,this paper introduces and analyzes the two-way guarantee mechanism with American characteristics,and points out that this guarantee mechanism is the "key move" to promote the housing reverse mortgage market in U.S.to the right track.Based on American experience,it is suggested to strengthen the policy support at the national level,build an official-led publicity and consultation system,and establish an all-round and multi-layered supervision mechanism to promote the further development of China’s in U.S.housing reverse mortgage market.