Research On The Legal System Of Housing Reverse Mortgage Pension Insurance

Home reverse mortgage pension insurance converts homes into retirement resources while the elderly retain ownership of their homes,making full use of real estate resources and providing a stable source of pension for the elderly.China’s population is ageing at a large,deep and fast pace,and the burden of basic social pension insurance on the government has increased.In order to ease the pressure on the elderly,China has implemented the policy of “pension through housing”.The Notice on the 14 th Five-Year Plan for the Development of the National Ageing Career and the Pension Service System points out that it supports the development of reverse mortgage pension insurance for the elderly,and the 2022 Government Work Report proposes to standardise the development of the third pillar of pension insurance.The development of reverse mortgage pension insurance is conducive to broadening the channels for pension funds and improving the three-pillar pension protection system in China.While fraudulent elements are prevalent in the name of “home pension”,the implementation of the orthodox “home pension” insurance has met with a lukewarm response.The reason for this is that reverse mortgage retirement insurance is restricted under our current legal system,and the lack of protection of the rights and interests of both parties in practice,resulting in the ineffectiveness of the “old-age insurance by house” policy.Based on the background of actively responding to the aging of the population and improving the multi-level social security system,this paper,through literature research method and normative analysis method,firstly,clarifies the concept of housing reverse mortgage pension insurance;sorts out its legal features of subject,object,ownership transfer and non-recourse;compares the doctrine of alienation guarantee,special new mortgage and the doctrine of maximum mortgage,and characterizes it as the maximum mortgage.Secondly,the operational processes and contracts of two types of home reverse mortgage pension insurance,namely Happy Life and PICC Life Insurance,are examined to analyse the operation of their practical models.Once again,through the analysis,it is found that the reverse mortgage insurance of housing is restricted by the principle of financial industry’s separation of business,the rules on the transfer of residential bases and the system of renewal of residential construction land use rights under the current legal system,and in practice,it lacks the protection of the mortgagee’s right to dispose of,the right to income,the mortgagee’s right to compensation and reinsurance.Finally,in order to solve the legal restrictions it faces,the subject qualification of mortgagees is broadened through the mixed operation of the financial industry;the restriction on the flow of residential land is lifted to broaden the scope of mortgage objects;and the renewal of the right to use construction land is clarified by improving the provisions of laws and administrative regulations.In order to protect the rights and interests of both sides of the insurance,the mortgagee’s right to dispose of the house is protected by means of refining the rules on the disposal of the mortgagee’s house;allowing the mortgagee to rent out the house for a long period of time to protect the mortgagee’s right to income;formulating rules on the protection of the mortgagee’s right to compensation to protect the mortgagee’s right to compensation;and constructing a reinsurance mechanism to reduce the business risks of the mortgagee.