First, the concept is put forward.
The basic idea put forward by the author is to consider the difference between family life cycle and residential life cycle, and realize the value flow of housing as real estate through certain forms and mechanisms according to the theory that the resources owned by a single family are optimally allocated in life, thus playing a corresponding role in family old-age security. Housing-for-the-aged (HEcM), also known as reverse mortgage loan and housing reverse mortgage loan, means that the elderly who already own a house mortgage their property rights to banks, insurance companies and other financial institutions. After the corresponding financial institution comprehensively evaluates the borrower's age, life expectancy, present value of the house, future appreciation and depreciation, and the value of the house at the time of the borrower's death, it subtracts the expected depreciation and advance interest from the assessed value of the house and calculates it according to the half-life of the person. It enables the borrower to use the sales money of the house in advance, and the borrower continues to enjoy the residence right of the house and be responsible for its maintenance while obtaining cash. When the borrower dies, the corresponding financial institution obtains the property right of the house, and sells, rents or auctions it. The proceeds will be used to repay the principal and interest of the loan and enjoy the appreciation of the house.
Second, social background.
Housing-for-the-elderly model has broad market prospects and social needs, and has important theoretical significance and operability.
1. The commercialization of housing, home ownership and broad potential market have laid a material foundation for families to adopt this model for the elderly. According to the data of the fifth census, there are 75 1224 households in China's urban population who buy commercial housing, accounting for 9.2% of urban households; 53.33% families bought affordable housing, accounting for 6.5%; 240 1.075 households purchased the original public housing, accounting for 29.4%; 26.8% of families built their own houses, and the number of urban households with houses reached 5.87 million, accounting for 72% of the total. It can be seen that the housing-based pension business has a huge potential market.
2. The one-child policy has accelerated the arrival of an aging society and promoted the implementation of housing for the elderly. In the case that the old-age security system is not perfect and the one-child policy is implemented, the family structure model of "4+2+ 1" will dominate in the future. If the children of the elderly are unable or unwilling to bear the obligation of support, "reverse mortgage loan" is a good way to transform the old-age care.
3. Accounting consciousness and financial management concept are deeply rooted in people's hearts. When the elderly reach retirement age, although social pension insurance provides pension, the pension is lower than the income at work, which may reduce the living standard of the elderly. Therefore, it is necessary to raise pensions through multiple channels. Housing is an important part of family wealth. If the value of the remaining housing after the death of the elderly can be realized in advance, the quality of life of the elderly can be greatly improved, which will not affect the current life of the elderly at all, but only revitalize the huge real estate of housing through a financial means.
4. The social security system is not perfect, and the funding gap is large, so the government and enterprises can not fully shoulder the heavy responsibility of social pension. The problem of aging in China is becoming more and more serious. Although the social pension government plays a major role at present, it is difficult for the government to undertake a huge pension fund because of the large population base in China. Theoretically speaking, housing for the aged has strong maneuverability, and it is also an important idea to solve the pension fund. It can not only revitalize housing stock, but also solve social security problems.
Third, the new model and feasibility analysis
Starting from the premise of "providing for the aged with housing" (housing property rights) and from the perspective of rational disposal of property rights, the author thinks that there are several models that can be adopted in theory: for the elderly who have not yet obtained housing ownership, if they want to join the ranks of "providing for the aged with housing", they can adopt the joint venture model: for such a group of elderly people with insufficient housing funds, they can apply for a loan to buy a house, and they can use it after they die.
Joint-venture housing can solve the housing problem of the elderly, and can also obtain the benefits brought by housing through disguised investment, but the division of property rights of joint-venture housing is the most prone to problems and contradictions. Therefore, before the joint venture purchase, we must sign a joint venture purchase agreement to clarify the distribution of property rights. As banks participate in real estate investment, they are facing greater uncertainty in the real estate industry.
For the elderly who own houses, you can choose the following modes:
1. Reverse mortgage loan. This model is suitable for homeowners, especially empty nesters. For the reverse mortgage model, financial institutions and the elderly face real estate risks, and the elderly can also get mortgage loans to improve their quality of life. Foreign countries are popular, but China's financial instruments are not perfect, and this business is still being explored.
2. selling houses for the elderly. The old man sold the ownership of the house to a specific institution, and the right to use it continued until his death. The elderly use the house money to support the elderly. The biggest difference between this model and reverse mortgage is the ownership of the house and the face of real estate risks. Selling a house for the aged mainly faces the obstacles of traditional ideas.
3. Housing replacement. Old people can sell their big house, buy a small house in the suburbs and use the difference to support the elderly. Moreover, at present, China's pension, medical insurance and other insurances are transferable. This model is mainly based on the wishes of the elderly and has strong feasibility.
There is something wrong with the house. Old people hand over their houses to financial institutions, get a certain amount of pawn money and improve their quality of life. The children of the elderly can choose to buy back the property. After the old man leaves, the children only need to repay all the money given to the old man by financial institutions over the years, and then pay interest according to the interest rate of consumer loans, so the house is still their children's.
5. mortgage the house to the nursing home, which is responsible for supporting the elderly. The old man mortgaged his house to the nursing home, and after notarization, he was admitted to the apartment for the elderly, and reiterated that he was exempt from all expenses. After the old man died, the property rights of the house belonged to the nursing home. In April, 2005, a private apartment in Nanjing, Tangshan Liuyuan Apartment for the Aged, took the lead in introducing this model of "providing for the elderly with housing". Happy Life became the first company to pilot this business.
6. Centralized pension mode in different places. In areas with beautiful environment and convenient transportation but underdeveloped economy, a large-scale pension base will be established, with special care, and the urban elderly will be moved here to support the elderly. The original house will be disposed of by the creditor separately. This mode of providing for the aged reduces the cost of providing for the aged, improves the quality of providing for the aged, and solves the problems of loneliness, physiological care, daily diet and entertainment of the elderly.
Feasibility analysis of the above selection mode: (1) housing price problem. There are two stages in the problem of housing price for the aged: the price at the time of signing the contract and the price when the dying creditor repossesses the house. This requires the real estate appraisal industry to join, but the risk of real estate is inevitable. At the same time, it needs to be backed by sound and fair laws. Financial institutions should participate in the real estate field, and the government should coordinate to prevent real estate from being controlled by some institutions and house prices from soaring. (2) the problem of concept. Housing for the aged faces serious conceptual obstacles, and the tradition of China people is to "save space for future generations to cultivate". The housing publishing model proposed by the author solves this obstacle problem well. Old people get pensions by publishing houses, which alleviates the problem of children's capital turnover and gives full play to the welfare functions brought by houses. Children only need to pay the total amount paid by financial institutions to the elderly during the issuance period, and they can recover the original house. This is actually a plan to delay the payment of children's pension consumption. (3) Expand the diversified development of financial business. Whether it is a joint venture to buy a house for the elderly or other housing-based pension models, banks, insurance and other institutions are involved. It enables financial institutions to closely combine social responsibility with profit targets. Effectively promote the operation and development of the normal social transformation mechanism.
Fourthly, the practical significance of housing for the aged.
1, the elderly sell their own houses to support the elderly, effectively solving the source of pension funds and reducing the burden of family pension, which is conducive to standardizing family economic life and providing new ideas for the optimal allocation of family-owned resources. Housing for the aged combines pension insurance, social security and housing for the aged, finding a safe, stable and reliable investment outlet for huge insurance funds, and reducing the pressure of social and family pension.
2, activate the real estate market, stimulate domestic demand, enhance the enthusiasm of middle-aged and elderly people to buy houses and live a happy life in their later years, and increase new growth points of the national economy. It has opened up new channels for the performance and profit growth of financial and insurance institutions, and realized a new circulation mechanism of insurance funds from pension to pension.
3. Advocate children's independence and self-protection, reduce the burden of providing for the elderly and their children, and establish a new intergenerational relationship that adapts to the market economic system.
Verb (abbreviation of verb) conclusion
As a new mode of providing for the aged with housing, it is a supplement and improvement to the existing pension system, which is conducive to improving the quality of life of the elderly and reducing the pressure on the elderly by the state and society. It really spends money on the most critical places. Of course, as a new economic model, the operation of "providing for the elderly with housing" will inevitably face various difficulties; However, just like the process of China people accepting "mortgage to buy a house", with the improvement of the system, "housing for the elderly" will surely become one of the ways we can choose to provide for the elderly.
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