주택연금 유동화증권에 관한 연구: 구조설계 및 예상현금흐름 분석을 중심으로

JooTaekYeonKeum, the reverse mortgage in Korea, was launched in July 2007 and has grown significantly over the past decade. It has attracted attention as a measure for solving the problem of aging in Korea and the imbalance in the asset structure, which is concentrated in real estate. However, financial institutions face liquidity problems as the supply of JooTaekYeonKeum increases due to these institutions’ cash flow characteristics. This study analyzes the case of the liquidity supply of home equity conversion mortgages, which are public guaranteed mortgage products in the United States. Based on this analysis, we propose the issuance of JooTaekYeonKeum-backed securities and their cash flow structures. In addition, based on JooTaekYeonKeum supply data, we calculate the expected cash flow when the JooTaekYeonKeum-backed securities are issued and analyze the characteristics of the securities. The results lead to the following four policy proposals. First, it is necessary to guarantee the right of each participating institution to collateral security. Second, the issuers need to specify the maturities of the securities. Third, the prepayment model of JooTaekYeonKeum is required to estimate cash flows more precisely. Fourth, there should be a clear understanding of the related risks, such as interest rate, housing price, and life expectancy risks.