主房反向抵押贷款支持老年人收入拓展

在当前全球人口老龄化趋势下，如何解决由此产生的老龄人口退休收入短缺及财政困境成为各国学者及政策制定者关注的热点。住房反向抵押贷款作为拓展老年人退休收入的一种金融创新手段，在欧美市场已经发展成为一种成熟的金融工具。随着9月国务院提出“开展老年人住房反向抵押养老保险试点”，“反向抵押贷款”模式的“以房养老”再次进入公众视野，成为当前公共政策研究热点，并引发了民众关于“政府在养老体系中责任”的大辩论。本文以此为契机，通过已有的文献构建反向抵押贷款理论框架，讨论反向抵押贷款的优缺点、风险及影响反向抵押贷款市场的相关变量，系统还原这一金融工具的运行机制，消除公众对其的误解并结合这·理论框架探讨‘‘反向抵押贷款’雀本土化过程中存在的困境。本文认为，在中国，遗产赠予动机是老年住房自有者在当前住房市场下为实现整个家庭代际福利最大化做出的“理性选择”；‘饭．向抵押贷款”中贷款金融机构面临的风险高于借款人，老年人实现住房资产的流动性是以牺牲贷款金融机构现金流动性为代价的。因此，未来需要探讨的是，政府在推进的过程中如何降低各方风险，减少未知不确定J}生风险的问题。

Housing Reverse Mortgage as a Tool to Fund Retirement

Under the current global trend of population aging, scholars and policy makers in different countries focus their attention on how to solve the problem of income shortage after the retirement and how to conquer the resulting financial dilemma. As a financial innovation, reverse mortgage provide an option for funding retirement and has developed as a kind of sophisticated financial instrument in America and European financial market. Since this September that the State Council proposed to carry out ＂the seniors housing reverse mortgage endowment insurance pilot＂, ＂housing reverse mortgage＂ entered into public attention and become the focus of public policy research, which even led the public involve into a debate on ＂the government responsibility in pension system＂. It is an opportunity to build the reverse mortgage theoretical framework based on the existing literature and discuss the advantages, disadvantages and risks of reverse mortgage, to explore the related variables which would have impact on the reverse mortgage market, so that the truth of its operation mechanism can be restored. The paper also explores the difficulties that might exist in the process of ＂reverse mortgage localization＂ based on this theoretical framework and come up with the following arguments It is the ＂rational choice＂ for elderly homeowners to hold bequest motives under the contemporary Chinese housing market because it would realize the intergenerational welfare maximization of the whole family. The risks surrounding the supply of reverse mortgage are higher than borrowers, and the elderly housing equity liquidity is at the expense of lending financial institutions in cash liquidity. So the further discussion should explore the issues on what government should do to reduce the risks and uncertainty that different parties face.