Purpose The purpose of this study is to develop new type of reverse mortgage contract. How to provide adequate services and housing for an increasing number of people that are dependent on the help of others is a crucial question in the European Union (EU). The housing stock in Europe is not fit to support a shift from institutional care to the home-based independent living. Some 90% of houses in the UK and 70%–80% in Germany are not adequately built, as they contain accessibility barriers for people with emerging functional impairments. The available reverse mortgage contracts do not allow for relocation to their own adapted facilities. How to finance the adaptation from housing equity is discussed. Design/methodology/approach The authors have extended the existing loan reverse mortgage model. Actuarial methods based on the equivalence of the actuarial present values and the multiple decrement approach are used to evaluate premiums for flexible longevity and lifetime long-term care (LTC) insurance for financing adequate facilities. Findings The adequate, age-friendly housing provision that is appropriate to support the independence and autonomy of seniors with declining functional capacities can lower the cost of health care and improve the well-being of older adults. For financing the development of this kind of facilities for seniors, the authors developed the reverse mortgage scheme with embedded longevity and LTC insurance as a possible financial instrument for better LTC services and housing with care in assisted-living facilities. This kind of facilities should be available for the rapid growth of older cohorts. Research limitations/implications The numerical example is based on rather crude numbers, because of lack of data, as the developed reverse mortgage product with LTC insurance is a novelty. Intensity of care and probabilities of care in certain category of care will change after the introduction of this product. Practical implications The model results indicate that it is possible to successfully tie an insurance product to the insured and not to the object. Social implications The introduction of this insurance option will allow many older adult with low pension benefits and a substantial home equity to safely opt for a reverse mortgage and benefit from better social care. Originality/value While currently available reverse mortgage contracts lapse when the homeowner moves to assisted-living facilities in any EU Member State, in the paper a new method is developed where multiple adjustments of housing to the functional capacities with relocation is possible, under the same insurance and reverse mortgage contract. The case of Slovenia is presented as a numerical example. These insurance products, as a novelty, are portable, so the homeowner can move in own specialised housing unit in assisted-living facilities and keep the existing reverse mortgage contract with no additional costs, which is not possible in the current insurance products. With some small modifications, the method is useful for any EU Member State.

中文翻译：

---

撤出住房权益以发展辅助生活设施

目的本研究的目的是开发新型的反向抵押合同。如何为越来越多依靠他人帮助的人们提供适当的服务和住房是欧洲联盟（EU）的关键问题。欧洲的住房存量不适合支持从机构照护向家庭独立生活的转变。英国大约90％的房屋和德国70％–80％的房屋建造不充分，因为它们为新出现的功能障碍者提供了无障碍通道。可用的反向抵押贷款合同不允许将其搬迁至自己适应的设施。讨论了如何从住房公平中筹集资金。设计/方法/方法作者扩展了现有的贷款反向抵押贷款模型。基于精算现值的等值和多重递减法的精算方法用于评估为灵活的寿命和为适当设施融资的终身长期护理（LTC）保险的保费。调查结果适当的，适合年龄的住房提供了适当的支持，以支持功能能力下降的老年人的独立性和自主权，可以降低医疗保健成本并改善老年人的健康状况。为了为老年人这类设施的发展筹集资金，作者开发了具有嵌入式寿命和LTC保险的反向抵押贷款计划，将其作为可能的金融工具，以改善LTC服务和在辅助生活设施中的住房。这种设施应可用于年龄较大的人群的快速增长。研究局限性/含义由于缺乏数据，该数值示例基于相当粗略的数字，因为开发的带有LTC保险的反向抵押贷款产品是一种新颖的产品。引入本产品后，护理强度和某些护理类别中的护理可能性将发生变化。实际意义该模型结果表明，可以成功地将保险产品与被保险人联系起来，而不是与对象联系起来。社会影响该保险方案的引入将使许多低养老金和大量房屋净值的老年人安全地选择反向抵押贷款，并从更好的社会护理中受益。独创性/价值当房主搬到任何欧盟成员国的辅助生活设施时，当前可用的反向抵押贷款合同失效，在本文中，开发了一种新方法，其中可以在相同的保险和反向抵押合同下，根据房屋的功能进行多次房屋调整。斯洛文尼亚的案例就是一个数值例子。这些保险产品具有新颖性，是便携式的，因此房主可以在辅助生活设施中移动自己的专用住房，并保持现有的反向抵押合同而无需支付额外费用，这在当前保险产品中是不可能的。经过一些小的修改，该方法对任何欧盟成员国都是有用的。作为一种新颖的产品，它具有便携性，因此房主可以在辅助生活设施中移动自己的专用住房，并保持现有的反向抵押合同而无需支付额外费用，而这在当前的保险产品中是不可能的。经过一些小的修改，该方法对任何欧盟成员国都是有用的。作为一种新颖的产品，它具有便携性，因此房主可以在辅助生活设施中移动自己的专用住房，并保持现有的反向抵押合同而无需支付额外费用，而这在当前的保险产品中是不可能的。经过一些小的修改，该方法对任何欧盟成员国都是有用的。