1. own a house and have full property rights;
2. Independent housing;
3. The economic situation is moderate;
4. Located in a city or suburb.
Pension families must have complete property rights to their own houses before they can be disposed of. Only when elderly parents live separately from their children can this model play a role. When the old people have a strong economic foundation, they don't consider real estate for providing for the elderly, while it is difficult for people with poor economic conditions or low housing value to use real estate as pension capital. Living in a city or suburb with rapid economic growth, the housing value is high and easy to realize, which is suitable for reverse mortgage for the elderly.
The basic process of housing mortgage loan:
1. The applicant submits a mortgage loan application to the bank;
2. The bank examines the applicant's credit status;
3. The bank evaluates the property to be mortgaged;
4. Both parties sign a mortgage loan contract;
5. Go through the formalities of real estate mortgage registration;
6. Bank loans;
7. The applicant repays the loan according to the contract;
8. After the loan is settled, the property mortgage registration shall be cancelled.
To sum up, the mortgage of housing for the aged requires families to have independent and completely owned houses with moderate economic conditions; This model is suitable for the elderly who are separated from their children, mainly for the elderly who live in cities or suburbs, have high real estate value and have a weak economic foundation, and improve their old-age life through reverse mortgage loans.
Legal basis:
People's Republic of China (PRC) social insurance law
Article 11
The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.
Article 12
The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund. Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts. Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.
Article 13
Before employees of state-owned enterprises and institutions participate in the basic old-age insurance, the basic old-age insurance premiums payable during the payment period shall be borne by the government. When the basic old-age insurance fund is insufficient to pay, the government gives subsidies.