주택생명연금모형의 설계 및 도입 가능성에 관한 연구

In this analysis, as a new annuity product using housing assets, we designed the housing life annuity model focus on its actuarial structure for calculating the monthly payment and confirmed the possibility of introduction. The housing life annuity is a new type of product that allows pensioners to live as permanent tenants while paying rent for living in the same house, receiving a monthly pension benefit calculated based on the sale price after selling their homes to the guarantor. The current housing pension is designed to pay the difference (residual home equity) to the heirs if the house price at the end of the contract is greater than the loan balance and it also includes a non-recourse option as well. Differently, because the pensioner of the housing life annuity could convert the entire housing equity into cash at the time of signing the contract, it can significantly increase the level of monthly payments compared to the current housing pension. According to the results of this analysis, it appeared that if we use housing life annuity instead of current housing pension, by the passage of time, age 60 could receive a 27%∼41% increased, age 70 could receive a 29%∼63% increased, and age 80 could receive a 47%∼85% increased monthly payments. Therefore, the housing life annuity is expected to provide the opportunity to receive a relatively satisfying level of payments compared to the current housing pension for the elderly who do not want to bequeath their home to their child as well as for the elderly with low priced housing. Therefore, it is judged that active efforts and policy support in the market for the introduction of the housing life annuity are needed.