Unlocking Housing Equity for Pensions in Urban China

Journal of Housing for the Elderly Pub Date : 2019-01-02 DOI:10.1080/02763893.2018.1451797

Qiang Li, S. Chand

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引用次数: 4

Abstract

ABSTRACT This article examines the extent to which a reverse mortgage may improve the income of an elderly household. This question is analyzed in the context of an aging society where the existing Confucian contract of filial piety has been eroding with the advent of economic and demographic transitions underway in contemporary China. We use data from a China Household Finance Survey that was administered in 2011 covering 949 elderly households from 22 provinces. We use models from the literature to calculate the incremental gains to income from the use of a reverse mortgage. The findings are revealing in terms of the potential gains from the use of reverse mortgages. On average, an elderly homeowner makes a monthly mortgage payment of RMB ¥1,383; a reverse mortgage for the same household raises monthly income by RMB ¥1,388 or 29%. The major beneficiaries of a reverse mortgage are single and elderly individuals possessing significant housing equity and living in the more developed regions. Overall, the reverse mortgage provides a means for society to allow the elderly access to income without being a burden on the state.

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解锁中国城市养老住房权益

本文考察了反向抵押贷款可以提高老年家庭收入的程度。这个问题是在一个老龄化社会的背景下分析的，在这个社会中，随着当代中国经济和人口转型的到来，现有的儒家孝道契约已经受到侵蚀。我们使用的数据来自2011年实施的中国家庭金融调查，涵盖了22个省份的949个老年家庭。我们使用文献中的模型来计算使用反向抵押贷款的增量收益。研究结果揭示了使用反向抵押贷款的潜在收益。老年房主平均每月还房贷1383元;同一家庭的反向抵押贷款每月可增加1388元人民币的收入，增幅为29%。反向抵押贷款的主要受益者是居住在较发达地区的拥有大量住房权益的单身和老年人。总的来说，反向抵押贷款为社会提供了一种手段，允许老年人获得收入，而不成为国家的负担。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Housing for the Elderly GERONTOLOGY-

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期刊介绍： Housing is more than houses-it is the foundation upon which the essentials of life are anchored. The quality of housing can enhance or diminish the well-being of individuals and families as well as that of the entire community. Before the Journal of Housing for the Elderly, housing for the elderly as a subject area has a relatively brief history. The Journal of Housing for the Elderly aims to serve the needs of gerontological professionals in the fields of architecture and housing, urban planning, and public policy who are responsible for the residential environments of the elderly in the community.