A Study On The Housing Mortgage-backed Pension Models Based On Life Cycle Perspective In China

In recent years,as China's population aging continues to deepen,the huge aging population pension problem is waiting to be resolved.Although in recent years,the Government introduced a series of policies,and vigorously carried out housing reverse mortgage pension pilot work,but the market reaction is weak.nstable and so on,but the traditional legacy motives as an intrinsic factor iThe main reason is that the financial market is not mature enough,house prices are un the elderly whether to choose housing reverse mortgage pension played a vital role.Therefore,it is of great significance for the implementation,development and maturity of the model to be carried out in China.This paper firstly combs the course of Houses-for-pension model in our country,and briefly introduces the contents of the product.Secondly,it analyzes the external and internal factors that hinder the smooth implementation of this model in our country.Thirdly,based on the simple life cycle consumption model,it analyzes the effect of legacy motive on the demand for housing mortgage-backed pension.Finally,this paper analyzes the history and current situation of the housing mortgage-backed pension model in the United States,Britain,Canada and Japan,and sums up its experience.Based on the above conclusions,it puts forward targeted suggestions from three perspectives of the government,participating institutions,and individuals.The innovation of this paper is as follows: Firstly,it analyzes the reasons of the housing reverse mortgage pension models in our country,and points out that the traditional legacy motive is one of the internal factors that hinder the healthy development of the model.Secondly,based on the simple life cycle consumption theory and simulation numerical simulation,we discuss in four cases,according to there is a legacy motive or not.We find that,in the housing reverse mortgage mode,the life cycle effect is better than the traditional social pension model in the total effect.But the legacy motives of the housing reverse mortgage pension model has a certain reverse role,and the "redeemable" clause can effectively reduce the reverse influence of legacy motive.