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KMID : 1001320180450040115
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Social Welfare Policy
2018 Volume.45 No. 4 p.115 ~ p.144
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A Study on Experiences of Participating in Reverse Mortgage Program
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Yu Ji-Yeon
Han Chang-Keun
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Abstract
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Since 2007, a reverse mortgage program called as 'housing pension' was implemented in Korea. While expectation of expansion of the program was not positive at the beginning, housing pension has been expanded steadily. Previous research has not examined older adults' situations for their participation in the program. This study, using grounded theory, aims to fill the gap by examining experiences of joining housing pension program. Key findings are as follows: First, influences of children were not determining the participation in parents' housing pension. Second, inheritance to children was not an influential factor for housing pension participation. Third, family relations have been changed positively. Fourth, gender differences in relationship were manifest. Fifth, participants considered housing pension participation as privilege. Sixth, a main reason for joining housing pension was trust in national institutions. As a whole, participating in housing pension has influenced older adults' life in diverse ways. This paper concludes with policy implications.
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KEYWORD
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Housing pension, reverse mortgage, grounded theory, income security for older adults, successful aging
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