| Title |
Determinants of Re-Subscription Period of Early Termination Subscribers of Reverse Mortgage |
| Authors |
류기윤(Ryou, Ki Yun) ; 최열(Choi, Yeol) |
| DOI |
https://doi.org/10.12652/Ksce.2022.42.6.0869 |
| Keywords |
주택연금; 중도해지자; 재가입 소요기간; 순서형로짓모형 Reverse mortgage; Early termination subscriber; Re-subscription period; Ordered logit model |
| Abstract |
This study aims to analyze the factors affecting the re-subscription period upon initial termination of the reverse mortgage subscription. The study utilized the Korea Housing Finance Corporation’s database to extract the information regarding re-subscribers of the reverse mortgage from July 2007 to June 2021. The ordered logit model was employed and found that a set of user (subscriber) characteristics are influential towards the re-subscription period. Among the individual characteristics, changes in age group, marital status from married to single-living, maintaining single-living, and the initial subscription period were found statistically significant, highlighting that the increase in the initial subscription period decreased the re-subscription period. Among the housing (home equity) characteristics, changes in housing price and ownership type (single and partial ownership) were statistically significant, indicating that the change in ownership type decreases the re-subscription period. Lastly, the variables related to loan terms were found significant,revealing that changes in payout method and schedule were both increasing factors of the re-subscription period. Based on the findings,necessary policy implications can be considered to secure the returning subscribers of the reverse mortgage effectively. |