장수(長壽)는 진정 축복인가? 사회보장제도의 보완수단으로서의 역모기지론(reverse mortgage loan)의 활성화 방안에 관한 법적 연구 -미국의 경험을 중심으로- = Is Longevity Real Blessing? Activation of the Reverse Mortgage Loan as a Means of Supplement of Social Welfare: Focusing on the U.S. Experiences

다국어 초록 (Multilingual Abstract)

To activate silver financing, I explored development of U.S. reverse mortgage loan system. The reverse mortgage is a form of equity release or lifetime mortgage available in the United States as well as Korea. It is a loan available to seniors aged 62 or older, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner`s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves. In a conventional mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term the mortgage has been paid in full and the property is released from the lender and becomes fully and solely owned by the homeowner. In a reverse mortgage, however, the homeowner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, or a bulk payment of the available equity percentage for their age, then the debt on the property increases each month. A reverse mortgage lien is often recorded at a higher dollar amount than the amount of money actually disbursed at the loan closing. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age and must occupy the property as their principal residence. There are no minimum income or credit requirements because no payments are required on the mortgage. Reverse mortgages follow Federal Housing Affairs(FHA) standards for property types. Many seniors entering into reverse mortgages do not fully understand the terms and conditions associated with the loans, and it has been suggested that some lenders have sought to take advantage of this. Before starting the loan process, applicants must take an FHA approved counseling class and present a certificate of completion of the course. The counseling is meant to serve as a safeguard for the borrowers and to ensure they completely understand what a reverse mortgage is. The maximum lending limit varies by county, but may not exceed $625,500. The loan size a borrower qualifies for is determined by the borrower`s age, the value of the home, and the home`s location. The amount of money available to the consumer is determined by primary factors: (i) The appraised value of the property, whether any health or safety repairs need to be made to the house, and whether there are any existing liens on the house. (ii) The interest rate, as determined by the U.S. Treasury 1 year T-Bill. (iii) The age of the senior (The older the senior is, the more money he/she will receive). (iv) Whether the payment is taken as line of credit, lump sum, or monthly payments. Line of credit will maximize the money available, while lump sum provides the cash immediately, but the interest fees are the highest. Monthly payments may be set up as tenure payments, which are paid to borrowers for the rest of their lives, no matter how long they live, or term payments, which last for a predetermined period. The value of the property, and whether that value is higher than the national loan limit set by Department of Housing and Urban Development(HUD). Once the reverse mortgage is established, there are no restrictions on how the funds are used. The cost of getting a reverse mortgage from a private sector lender may exceed the costs of other types of mortgage or equity conversion loans. Exact costs depend on the particular reverse mortgage program the borrower acquires. Interest rates on reverse mortgages are determined on a program-by-program basis, because the loans are secured by the home itself, and backed by HUD, the interest rate should always be below any other available interest rate in the standard mortgage marketplace for an FHA reverse mortgage. Each month, interest is calculated not only on the principal amount received by the borrower but on the interest previously assessed to the loan. Since no monthly payments are made by the borrower on a reverse mortgage, the interest that accrues is treated as a loan advance. Several lenders now offer FHA HECM reverse mortgages that have fixed interest rates. Some fixed rate reverse mortgages limit the cash proceeds to half of that offered by adjustable rate reverse mortgages. To apply for an FHA/HUD reverse mortgage, a borrower is required to complete a counseling session with a HUD-approved counselor. The counselor will explain the legal and financial obligations of a reverse mortgage. After the counseling session, the borrower receives a certificate of counseling that is required before the loan application can be processed. The loan comes due when the borrower dies, sells the house, or moves out of the house for more than 12 consecutive months. Once the mortgage comes due the borrower or heirs of the estate will have an option to refinance the home and keep it, sell the home and cash out the equity, or turn the home over to the lender. If the property is turned over to the lender the borrower or the heirs have no more claim to the property or equity in the property. The lender has recourse against the property, but not against the borrower personally nor against the borrowers heirs, referred to as non-recourse limit. Once all borrowers on a reverse mortgage passes away the heirs are granted 6 months to sell the home, refinance it, or to make the decision to turn the home over to the lender. Home Equity Conversion Mortgages account for 90% of all reverse mortgages originated in the U.S. As of May 2010, there were 493,815 active HECM loans. As of 2006, the number of HECM mortgages that HUD is authorized to insure under the reverse mortgage law was capped at 275,000. Program growth in recent years has been very rapid. However, Korean policy makers should keep in mind that a drawback to reverse mortgages are the high upfront costs. Also, note that reverse mortgages have been criticized for three major shortcomings: (i) expensive cost, (ii) confusing to entering into them, and (iii) compound interest.

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