주택연금가입에 따른 고령가구의 소득불평등 개선효과

Abstract

This study explore the effect of reverse annuity mortgage whether it improves the income level of the elderly households. Using KLIPS(4th - 11st, 2001 - 2008), we analyze the hypothetical situation that the applicable elderly households applies for the current reverse mortgage annuity provided by Korean Housing and Finance Corporation(KHFC). We hypothesize that the current reverse annuity mortgage does have a positive effect on the income level for the elderly households through allowing wealth effect and mitigating their financial hardship. We find that the elderly households show their relatively low elasticity toward home price changes compared to the other households. Furthermore, the hypothetical situation where the elderly households apply for reverse annuity mortgage demonstrate the positive wealth effect and help mitigate their overall income level.