장수(長壽)는 진정 축복인가? 사회보장제도의 보완수단으로서의 역모기지론(reverse mortgage loan)의 활성화 방안에 관한 법적 연구 -미국의 경험을 중심으로-

김종호 ( Jong Ho Kim ) 고려대학교 법학연구원 2012 고려법학 Vol.0 No.64

우리나라의 경우 저소득층 지원을 위한 사회안전망이 복지선진국에 비하여 상대적으로 불충분하고 노년층에 대한 가족들의 경제적 지원도 축소되고 있는 것이 현재의 실정이므로 노년층의 복지증진을 위한 적극적인 정부지원이 필요하다. 그런데 이러한 정부의 공적자금에 의한 재정지원에는 일정한 한계가 있을 수밖에 없으므로 결국은 당사자 본인이 노년기 생활을 대비하여야 하는 바 연금이나 보험이 그 수단이 될 수 있을 것이다. 하지만 이것마저도 이용할 수 없는 경우라면 역모기지론 제도의 도입과 활성화는 유력한 대안이 될 수 있으니 이런 관점에서 정부가 적극 추진할 필요성이 있다. 역모기지론 이용 활성화를 위해서는 첫째, 정부기구의 공적보증을 통해 대출 금융기관의 담보주택 가격변동 등에 따른 채권회수 불능의 위험을 최소화하여야 한다. 둘째, 역모기지론 채권 중 정부가 보증한 채권에 대하여 유동화시킬 수 있는 장치를 마련하여 금융기관의 유동성을 확보를 하여야 한다. 셋째, 역모기지론 상품에 내재한 위험의 효과적 분담을 위해 정부보증을 통하여 대출 금융기관의 주택가격 하락ㆍ채무자인 차용인의 수명연장 위험 등을 제거하고, 금리변동의 상한선을 설정하여 금리변동에 따른 차용인의 변제액 확대 위험을 최소화하여야 한다. 넷째, 역모기지론을 신청한 이후 이를 제공할 금융기관이 필요한 정보를 수시로 제공받아 차용인을 접촉하여 상품판매를 하고 보증, 보험가입과 보험료의 납입, 대출금의 수령 등의 업무일체를 전자적으로 투명하게 처리 할 수 있도록 차용인과 금융기관 모두에게 적절한 전산시설 및 시스템을 확보하도록 하여야 한다. 다섯째, 역모기지론 제공계약 기간 동안 담보주택의 관리 소홀에 따른 담보가치의 하락을 방지할 수 있도록 전문 관리기관이 주택상태를 주기적으로 점검하는 체계적인 시스템을 갖추어야 한다. 여섯째, 사전 대출상담을 통한 정확한 역모기지론 상품정보를 제공하기 위하여 대출승인 전 정부가 승인한 상담기관의 상담을 의무화하여 금융지식이 부족한 고령자가 충분한 정보를 제공받아 스스로 의사결정을 하도록 하여야 한다. 본고에서는 역모기지론의 위험관리를 통한 활성화 방안을 제시하였다. 이를 위하여 무엇보다도 역모기지론을 둘러싼 법률문제를 정확히 이해해야 활성화가 가능하다는 전제하에 역모기지론의 법적인 논의에 초점을 맞추었다. 본고의 주요한 논의 주제는 (i) 역모기지론의 일반론으로서 미국에서의 입법배경과 목적, 법적성격, 이용가능자, (ii) 역모기지론 법적 규제, (iii) 역모기지론의 지급과 정산방법, (iv) 역모기지론의 위험관리 필요성, (v) 역모 기지론 제도의 활성화방안 등이다. To activate silver financing, I explored development of U.S. reverse mortgage loan system. The reverse mortgage is a form of equity release or lifetime mortgage available in the United States as well as Korea. It is a loan available to seniors aged 62 or older, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner`s obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves. In a conventional mortgage the homeowner makes a monthly amortized payment to the lender; after each payment the equity increases within his or her property, and typically after the end of the term the mortgage has been paid in full and the property is released from the lender and becomes fully and solely owned by the homeowner. In a reverse mortgage, however, the homeowner makes no payments and all interest is added to the lien on the property. If the owner receives monthly payments, or a bulk payment of the available equity percentage for their age, then the debt on the property increases each month. A reverse mortgage lien is often recorded at a higher dollar amount than the amount of money actually disbursed at the loan closing. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age and must occupy the property as their principal residence. There are no minimum income or credit requirements because no payments are required on the mortgage. Reverse mortgages follow Federal Housing Affairs(FHA) standards for property types. Many seniors entering into reverse mortgages do not fully understand the terms and conditions associated with the loans, and it has been suggested that some lenders have sought to take advantage of this. Before starting the loan process, applicants must take an FHA approved counseling class and present a certificate of completion of the course. The counseling is meant to serve as a safeguard for the borrowers and to ensure they completely understand what a reverse mortgage is. The maximum lending limit varies by county, but may not exceed $625,500. The loan size a borrower qualifies for is determined by the borrower`s age, the value of the home, and the home`s location. The amount of money available to the consumer is determined by primary factors: (i) The appraised value of the property, whether any health or safety repairs need to be made to the house, and whether there are any existing liens on the house. (ii) The interest rate, as determined by the U.S. Treasury 1 year T-Bill. (iii) The age of the senior (The older the senior is, the more money he/she will receive). (iv) Whether the payment is taken as line of credit, lump sum, or monthly payments. Line of credit will maximize the money available, while lump sum provides the cash immediately, but the interest fees are the highest. Monthly payments may be set up as tenure payments, which are paid to borrowers for the rest of their lives, no matter how long they live, or term payments, which last for a predetermined period. The value of the property, and whether that value is higher than the national loan limit set by Department of Housing and Urban Development(HUD). Once the reverse mortgage is established, there are no restrictions on how the funds are used. The cost of getting a reverse mortgage from a private sector lender may exceed the costs of other types of mortgage or equity conversion loans. Exact costs depend on the particular reverse mortgage program the borrower acquires. Interest rates on reverse mortgages are determined on a program-by-program basis, because the loans are secured by the home itself, and backed by HUD, the interest rate should always be below any other available interest rate in the standard mortgage marketplace for an FHA reverse mortgage. Each month, interest is calculated not only on the principal amount received by the borrower but on the interest previously assessed to the loan. Since no monthly payments are made by the borrower on a reverse mortgage, the interest that accrues is treated as a loan advance. Several lenders now offer FHA HECM reverse mortgages that have fixed interest rates. Some fixed rate reverse mortgages limit the cash proceeds to half of that offered by adjustable rate reverse mortgages. To apply for an FHA/HUD reverse mortgage, a borrower is required to complete a counseling session with a HUD-approved counselor. The counselor will explain the legal and financial obligations of a reverse mortgage. After the counseling session, the borrower receives a certificate of counseling that is required before the loan application can be processed. The loan comes due when the borrower dies, sells the house, or moves out of the house for more than 12 consecutive months. Once the mortgage comes due the borrower or heirs of the estate will have an option to refinance the home and keep it, sell the home and cash out the equity, or turn the home over to the lender. If the property is turned over to the lender the borrower or the heirs have no more claim to the property or equity in the property. The lender has recourse against the property, but not against the borrower personally nor against the borrowers heirs, referred to as non-recourse limit. Once all borrowers on a reverse mortgage passes away the heirs are granted 6 months to sell the home, refinance it, or to make the decision to turn the home over to the lender. Home Equity Conversion Mortgages account for 90% of all reverse mortgages originated in the U.S. As of May 2010, there were 493,815 active HECM loans. As of 2006, the number of HECM mortgages that HUD is authorized to insure under the reverse mortgage law was capped at 275,000. Program growth in recent years has been very rapid. However, Korean policy makers should keep in mind that a drawback to reverse mortgages are the high upfront costs. Also, note that reverse mortgages have been criticized for three major shortcomings: (i) expensive cost, (ii) confusing to entering into them, and (iii) compound interest.

주택연금 유동화증권에 관한 연구

김형준(Hyeongjun Kim),류두진(Doojin Ryu),조훈(Hoon Cho) 한국증권학회 2018 한국증권학회지 Vol.47 No.2

2007년 7월 출시된 주택연금은 우리나라의 고령화 문제와 부동산에 편중된 자산구조의 불균형 문제를 해소할 방안으로 주목받으며 지난 10년간 빠르게 성장하였다. 그러나 주택연금을 취급하는 금융기관은 상품의 현금흐름 특성으로 인해 공급이 확대될수록 유동성 문제에 직면하게 된다. 본 연구는 이러한 상황을 고려하여, 미국의 공적보증 역모기지 상품인 HECM(Home Equity Conversion Mortgage)의 유동성 공급 사례를 분석하고 이를 바탕으로 주택연금 유동화증권 발행 및 현금흐름구조를 제안하였다. 또한, 주택연금 공급자료를 이용하여 주택연금 유동화증권이 발행되었을 때 예상되는 현금흐름을 계산하고, 그 특징에 대하여 분석하였다. 본 연구의 분석결과는 주택연금 유동화증권발행을 위한 선결과제의 측면에서 다음의 정책제언을 함의한다. 첫째, 담보주택에 대한 각 참여지분의 근저당권 설정을 조정할 수 있게끔 제도적 보완이 필요하다. 둘째, 발행기관은 주택연금 유동화증권의 만기를 특정함으로써 현금흐름의 불확실성을 일부 해소할 필요가 있다. 셋째, 관련 거시변수와 주택연금 조기상환율의 관계에 관한 모형연구로, 정밀한 현금흐름 추정이 필요하다. 넷째, 금리·주택가격·기대여명 등 관련된 리스크에 대한 정확한 이해와 함께, 관계기관과의 협업을 통한 정책적 대비가 있어야 한다. JooTaekYeonKeum, the reverse mortgage in Korea, was launched in July 2007 and has grown significantly over the past decade. It has attracted attention as a measure for solving the problem of aging in Korea and the imbalance in the asset structure, which is concentrated in real estate. However, financial institutions face liquidity problems as the supply of JooTaekYeonKeum increases due to these institutions’ cash flow characteristics. This study analyzes the case of the liquidity supply of home equity conversion mortgages, which are public guaranteed mortgage products in the United States. Based on this analysis, we propose the issuance of JooTaekYeonKeum-backed securities and their cash flow structures. In addition, based on JooTaekYeonKeum supply data, we calculate the expected cash flow when the JooTaekYeonKeum-backed securities are issued and analyze the characteristics of the securities. The results lead to the following four policy proposals. First, it is necessary to guarantee the right of each participating institution to collateral security. Second, the issuers need to specify the maturities of the securities. Third, the prepayment model of JooTaekYeonKeum is required to estimate cash flows more precisely. Fourth, there should be a clear understanding of the related risks, such as interest rate, housing price, and life expectancy risks.