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KMID : 1124020150310010055
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Korean Social Security Studies
2015 Volume.31 No. 1 p.55 ~ p.81
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A Study On The Reverse Mortgage On The Aspect Of Social Security System
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Kim Jin-Soo
Lee Yoon-Jin
Kim Chi-Wan
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Abstract
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The introduction of reverse mortgage in 2007 requires significant judgement whether it could complement old age security system consisting of public pensions, retirement pension, and private pension scheme. In Korean Market house itself was considered to be the means of accumulating wealth and not to be source of regular income of household. But reverse mortgage has the advantage of utilizing house as a means of regular monthly income to the house poors who owns house but is under the limited cash flow income. The previous studies dealt with how to activate the reverse mortgage scheme in Korean market but there was no discussion of the nature of reverse mortgage scheme itself. Especially there was no discuss about the reverse mortgage on the aspect of social security system. So this study has the purpose to establish theoretical background of the role of reverse mortgage in social security system in detail. In this study we have found that reverse mortgage has the social security role in the aspect of governmental responsibility, insurance, and the economic perspectives. Based on the perspective of social security policy, we need more discussion of how to increase social receptiveness of reverse mortgage by improving of reverse mortgage system in the long term.
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KEYWORD
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reverse mortgage, three pillar pension system, social security, social insurance, private pension
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