주택담보노후연금제도와 그 문제점

In 2007, reverse annuity mortgage designed to assist the older adult who owns the house but needs money to living expenses was become more attractive by the revised Korea Housing Finance Corporation Act. The Act permits to guaranty reverse annuity mortgage by the Korea Housing Finance Corporation (hear after KHFC) sponsored by government funds. In order to qualify for a reverse annuity mortgage guaranteed by KHFC, an individual and his or her spouse must be at least sixty years old and own the house to be used as security for the reverse mortgage. There must be no debt to be secured by the house. Mortgagor should live in the house. The Act requires to disclosure the information about the reverse mortgage to the potential borrowers by KHFC. Following matters should be explained; the amount to be paid as a reverse annuity mortgage, time of repayment and means of repayment, the establishment of mortgages, the scope of exercise of the reverse annuity mortgage claims, fees of guarantee for the reverse annuity mortgage. However the Act does not require that potential borrowers obtain counseling by an independent third party prior to taking the loan. There are two ways making payment to the borrower: equal monthly installments and a combination of monthly installments and lump sum. The mortgagor does not make any payments until (1) debtor and his or her spouse are all deceased, (2) after the debtors death, the spouse does not undertake the title of the house and the debt, (3) the borrower and his or her spouse have moved from the mortgaged house into another place, (4) the borrower and his or her spouse do not reside in the mortgaged house for one year continuous (5) the debtor has lost the ownership of the mortgaged house (6) where it is expected that the amounts of principals and the fees of the reverse annuity mortgage loans exceed the ceiling of the mortgage, and the debtor refuses to the request to alter the ceiling of the mortgage by the creditor or KHFC (7) where there is any other specific grounds prescribed by the Committee of Housing Finance Management established within KHFC. The lender or KHFC after discharging the debt as guaranty shall enforce the debt only through the sale of the property and shall not obtain a deficiency judgment against the borrower. This paper highly estimates the Act and the role of the KHFC to activate reverse annuity mortgage programs for the older peoples who has not the money to living. But the Act has some critical points to hinder the debtor and the third party's freedom of activity. The Article 43-7 of the Act provides as follows. Any person who has used a credit guarantee service shall be prohibited from performing the following acts unless the cases prescribed by Presidential Decree as not hamper securing claims against the mortgaged house: (1) acts of establishing actual rights granted by way of security, such as mortgages or provisionally-registered security rights, etc. on a mortgaged house; (2) acts of establishing right to lease on a bonded basis on a mortgaged house; (3) acts of leasing a mortgaged house. In my humble opinion, because the lender already has senior mortgage securing the debt of reverse mortgage, establishment of junior mortgage or leasing the mortgaged house by the mortgagor should not prohibited for protecting the right of the debtor's freedom of activity. And the Article 43-7(2) provides that any person who has used a credit guarantee service shall make a supplementary registration to the effect that the relevant properties shall not be subject the third party's seizure, provisional seizure, temporary disposition, without any consent of the KHFC. This provision encroaches the third party's rights of property against the debtor.