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REVERSE MORTGAGES FOR MANAGING LONGEVITY RISK IN KOREA

Title
REVERSE MORTGAGES FOR MANAGING LONGEVITY RISK IN KOREA
Authors
Yang, JaehwanYuh, Yoonkyung
Ewha Authors
여윤경
SCOPUS Author ID
여윤경scopus
Issue Date
2019
Journal Title
HITOTSUBASHI JOURNAL OF ECONOMICS
ISSN
0018-280XJCR Link
Citation
HITOTSUBASHI JOURNAL OF ECONOMICS vol. 60, no. 1, pp. 21 - 40
Keywords
reverse mortgagelongevity riskexpected utility functionoptimizationbequest
Publisher
HITOTSUBASHI UNIV
Indexed
SSCI; SCOPUS WOS
Document Type
Article
Abstract
This study examines how longevity risk can be alleviated by using reverse mortgage loan system in Korea, Joo-Taek-Yeon-Keum (JTYK). We compare the expected utility value of JTYK borrowers during retirement with that of non-JTYK borrowers, and identify characteristics of groups earning the greatest benefits from the JTYK. The results imply that it is especially beneficial for homeowners aged 67 and older, and its benefit increases if the bequest value is included. We also calculate the Money's Worth Ratio (MWR) of the JTYK, and show that MWRs increase as the opt-in age increases if the bequest is considered as financial gain.
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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