On The Construction Of China's Reverse Mortgage

The reverse mortgage right is a kind of right for the elderly to obtain pension funds through their own property houses.China's “Civil Code” does not provide for this,but there are foreign reverse mortgage rights in the civil code Precedent in.The construction of reverse mortgage rights is not only conducive to promoting the development of the reverse mortgage old-age pension model and improving our country's old-age security system,but also an inherent requirement of the legal principle of real rights.In addition,the existing experience of other countries,the current status of my country's private housing,and the improvement of China's financial market have laid a solid foundation for the construction of my country's reverse mortgage.Therefore,it is necessary to stipulate the reverse mortgage right as a new type of special mortgage right in order to confirm the new utilization method of this kind of thing existing in real life.Compared with any type of mortgage right stipulated in the current property rights edition,the reverse mortgage right has its special features in terms of subject,object and right content.In terms of the subject,the mortgagor should be over 60 years old,have corresponding civil capacity and a good credit status.The mortgagee should have sufficient funds and strong risk management and control capabilities.My country's banks,insurance companies and social security institutions are more suitable as reverse mortgage.In terms of objects,the mortgagor takes its own property house as the object of reverse mortgage.In order to expand the scope of the object of reverse mortgage,it is necessary to improve the renewal rules for the 70-year term of the right to use residential construction land,to properly open the mortgage and circulation of rural homesteads and to add special regulations prohibiting liquid mortgage.In terms of rights,the mortgagor has the right to obtain a loan on time,the right to continue to use his own property,the right to be restricted,the right not to be recourse,and the right to cancel the mortgage contract;Rights,the right to obtain mortgaged property or to receive priority compensation for the mortgaged property,the right to preserve the mortgage,and the right to dispose of the reverse mortgage.