This paper examines the features of reverse mortgages in Korea, comparing beneficiary and non-beneficiary groups in relation to income security for elderly homeowners without sufficient income. In addition, this study estimates how much poverty rates would decrease if all elderly single and couple households joined the program. A reverse mortgage was implemented in 2007 in Korea as a government guaranteed scheme for elderly homeowners. Notwithstanding the contribution of the reverse mortgage program, many elderly homeowners do not utilize the system as a useful means to earn additional income. Given the high elderly poverty rate and incomplete social safety net in Korea, the program should be extended to supplement the insufficient income of elderly “house-rich but cash-poor” households. The paper first reviews reverse mortgage policy details. We then investigate key characteristics of the beneficiaries and compare beneficiaries and non-beneficiaries based on nationwide survey data. Finally, we estimate the potential income-raising effects of the program and draw implications of the income security policy in Korea and reconfiguration of the welfare state in a broader context.

中文翻译：

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反向抵押贷款作为韩国老年人收入的稳定器

本文研究了韩国反向抵押贷款的特点，比较受益人和非受益人群体在收入不足的老年房主的收入保障方面。此外，这项研究估计了如果所有老年单身和夫妇家庭都加入该计划，贫困率会降低多少。韩国于 2007 年实施了反向抵押贷款，作为政府为老年房主提供的担保计划。尽管反向抵押贷款计划有所贡献，但许多老年房主并没有利用该系统作为赚取额外收入的有用手段。鉴于韩国老年人贫困率高，社会保障体系不完善，应扩大该计划，以补充“有房但缺钱”的老年家庭收入不足的问题。本文首先回顾了反向抵押贷款政策的细节。然后，我们调查受益人的关键特征，并根据全国调查数据比较受益人和非受益人。最后，我们估计该计划的潜在收入增加效果，并在更广泛的背景下得出韩国收入保障政策和福利国家重构的影响。