Research On The Legal Dilemma And Countermeasures Of China's Housing Reverse Mortgage Endowment Insurance

Commercial endowment insurance is the main way to transfer pension risk in modern society,it has the function of compensating economic and managing society.Housing Reverse Mortgage Endowment Insurance is not only a particular part of modern commercial endowment,but also a useful addition to the tradition family endowment and social endowment.In order to improve the quality of the elderly life,the aged can raise a housing mortgage through insurance company for acquiring the regular endowment insurance amount.This way can transform houses into money in advance,release the old people's potential consuming capacity and promote the harmonious development of society.But the pilot work of housing reverse mortgage endowment insurance is faced with a lot of legal dilemma,such as the lack of laws and regulations,the constrains of the financial division operation and the simplification of housing reverse mortgage model.On the basis of knowing the historic development and connotation of housing reverse mortgage endowment insurance,we can analyze the legal dilemma and put forward the specific countermeasures with the help of foreign experience.In addition to the introduction and conclusion,the article is divide into four parts:The first part is the historic development and connotation of housing reverse mortgage endowment insurance.First,the historic development can be divided into foreign thought germination and domestic practice.Compared with the early practice of house-for-pension(e.g.selling house for pension,renting the same house after selling and the endowment mortgage),we can highlight the advantage of housing reverse mortgage endowment insurance,such as low risk,no time limit,the same house property continuously.Second,we need to expound the connotation of housing reverse mortgage endowment insurance.The introduction of the legitimacy theory of housing reverse mortgage endowment insurance has three parts,one part is the protection of human rights which is from the perspective of jurisprudence,another part is Inter-generational transmission of treasury which is from the perspective of law and economics,the last part is the optional allocation of resources from the perspective of economic law.It's worth noting the basic attributes of housing reverse mortgage endowment insurance,that means the death of the aged is not a necessary condition for paying the money.Then,I will analyze its complex legal relationship between the aged,the insurance companies,the third parties and the government.The second part is the legal dilemma of housing reverse mortgage endowment insurance.First,it's restrained by traditional thought on personality right and property right.second,it's hindered by the current law.For instance,the term of land use right is 70 years,but our country does not make a clear regulation on the subsequent formalities.The insurance company's right of dealing the house is restrained by the term of land use right.In addition,the cooperation of insurance,banking and securities industry is influenced by financial division operation.The deficiency of preferential tax policy demotivates both insurance companies and the aged.Last,big legal risk and imbalance between supply and demand can curb the development of housing reverse mortgage endowment insurance.The three part is the extraterritorial legal experience of housing reverse mortgage endowment insurance.The United States has constructed a diversification product system of housing reverse mortgage endowment insurance.According to the different value of the houses,the system has three kinds of insurance products,HECM is the basic one which is dominated by the government,Home Keeper is the middle-end one which is supported by the government,Financial Freedom is the high-end one which is controlled by the market.In addition,Britain allows the aged to mortgage part of the house.Singapore involves the combined house into the housing reverse mortgage endowment insurance,it makes a good example for us to expand the scope of the participants.Finally,the failure of real estate guaranty for life money in Japan tells us that living together is very important for the promotion of the housing reverse mortgage endowment insurance.According our country's situation,we can have a salutary lesson,for example,the diversification of insurance products,the diversity of the ways on mortgaging the house and so on.The last part puts forward the specific countermeasures for solving the legal dilemma of housing reverse mortgage endowment insurance.First,clear the management system of housing reverse mortgage endowment insurance is the market-oriented model by government guiding.At the same time,the housing reverse mortgage endowment insurance has to abide by the basic principles such as utmost good faith,combination of prudential regulation and innovation,non-recourse,self-determination right on the property and the independence of personality.Second,improving the supporting legal system of our country is also very important.We can detail the specific rules which can operate after the expiry of the term of land use right and promote the development of financial mixed operation.But beyond that,building the system of preferential tax policy can also help us to solve the legal dilemma.In addition,we should strengthen the measures of preventing the legal risk.The legal risk can be solved as follows.Establishing insurance fund system or setting up the reinsurance system is a good method.On the other hand,we can create Children Joint Guarantee System and promote the securitization of the housing reverse mortgage endowment insurance products.Last,we need to keep the balance of the market supply and demand.The main ways are as follows,creating trilateral housing reverse mortgage endowment insurance contract and setting up the proportional housing mortgage model are both good for the balance of market.The last one is construction of rural housing land transaction platform.