Providing for the aged with housing, also known as "reverse mortgage loan" or "reverse mortgage", refers to a way of providing for the aged by mortgaging a house with its own property rights in order to obtain a certain amount of pension or receive services from apartments for the aged on a regular basis. After the old man died, the bank or insurance company recovered the right to use the house.
Since Beijing, Shanghai, Guangzhou and Wuhan carried out the pilot project of reverse mortgage pension insurance for the elderly on 20 14, some people engaged in illegal fund-raising fraud under the banner of "providing for the elderly with housing", which cast a shadow over the promotion of "providing for the elderly with housing" which started late.
Illegal fund-raising scam
The Report on the Development of Pension Finance in China shows that the housing ownership rate of the urban elderly in China is 75.7%, but at the same time, the elderly lack the ability to identify risks, and there are many kinds of scams aimed at the elderly.
For example, last year, Beijing Zhongan Minsheng Asset Management Co., Ltd.' s "house-to-house pension" scam was raging.
Zhongan Minsheng Asset Management Co., Ltd. held large-scale publicity activities in various communities in Beijing in the name of official institutions such as the Ministry of Civil Affairs, the National Committee on Aging, and the China Foundation for the Development of Ageing, selling "house-to-house pension" products to the elderly.
Zhongan Minsheng promised to the elderly that if the property is mortgaged, the company will issue a "pension" to the elderly according to the annualized income of 4% to 6% of the mortgage amount. After the mortgage, every elderly household can get tens of thousands of yuan of "pension" every year. In order to reassure the elderly, the company promised that the "house-to-house pension" mortgage can be withdrawn at any time.
But in fact, Zhongan Minsheng Asset Management Co., Ltd. changed hands and mortgaged the houses of these old people to a small loan company at an annual interest rate of 24%.
Because these old people simply don't understand the terms of the contract, they signed the "Real Estate Mortgage Contract" prepared by the small loan company in a muddle. The contract allows small loan companies to sell or auction real estate at a discount.
Zhongan Minsheng no longer repays small loan companies. When small loan companies came to collect money, the old people found that the so-called "housing for the elderly" was actually a scam. Although the police have detained 88 suspects, including the actual controller of the company, some victims are at risk of being auctioned, and old people may lose their life savings.
This undoubtedly poured a pot of cold water on the just-started "housing for the elderly".
20/kloc-in March, 2005, the first domestic "house-to-house pension" insurance product Happy Life "Happy Home Lai Bao Housing Reverse Mortgage Pension Insurance (A)" was launched. As of July 20 19, the "house-to-house pension" insurance has covered 194 (133 households). However, PICC Life Insurance "Anjule" was listed in the second half of 20 16. Up to now, the number of insured households is only about 10.
At present, Happy Life official website has been unable to retrieve the product "Happy Home Lai Bao Housing Reverse Mortgage Pension Insurance (A)".
Advice from others
In April 2020, the Bureau of Investigation and Statistics of the Central Bank wrote in China Finance that the urban housing ownership rate in China reached 96%, and among the major countries in the world, the family housing ownership rate in China may reach the first place in the world.
According to the data of Global Economic Indicators Network, the housing ownership rate in most developed countries is around 60%. By the end of 20 17, the United States was 64.2%, Japan was 6 1.9%, Canada was 66.5%, Britain was 64.2%, and France was 64.9%.
This may provide the basic conditions for the implementation of "housing for the elderly". An old man living in a first-tier city may not have much cash income. As long as there is a "youngest" house under his name, it is worth millions or even tens of millions. However, assets can not be directly realized for consumption, even if there are tens of millions, it is still the so-called "rich in housing and poor in cash".
No matter from the positioning design of the product itself or the practical exploration at home and abroad, the product is only a niche product, and its application targets are usually elderly customers with independent real estate and empty nesters.
Among the eligible potential population, the participation rate of the most mature "housing for the elderly" business in the United States is only about 3%, and that in the United Kingdom is about 0.2%.
The model of "providing for the elderly with housing" originated in the Netherlands as early as the 1930s, and was later widely promoted in the United States, Britain, Singapore, Japan and other countries.
American model: with the support of government participation and government subsidy plan, it adopts a model similar to "regular payment of pension by mortgage" to provide the elderly with similar wages for their living expenses. The "American model" can be subdivided into three types: the mortgage type of federal government insurance (guarantee insurance), the removal type accepted by the federal national mortgage association and the * * * enjoyment type introduced by commercial lending institutions. Among them, "mortgage loan" is the most common in the United States. Canadian model: Older people over 62 in Canada can mortgage their houses to banks or financial management companies in exchange for old-age mortgage loans. The interest rate of this kind of mortgage loan is generally favorable, and the total amount depends on the value of the property and the personal wishes of the elderly. The upper limit is 300,000 Canadian dollars, and the lowest is 1.5 million Canadian dollars. This "reverse mortgage" money can be used by the elderly at will, and the only guarantee is that the property rights of the mortgaged property cannot be changed. Singapore model: Older people over 60 can apply to mortgage their houses to public welfare organizations with government background, and these institutions will pay their pensions in one lump sum or in installments. In Singapore, people over 55 are called "senior citizens". These elderly people can receive pensions from provident fund accounts, or they can rent their own property to rent a house for the elderly. The Singapore government also provides an apartment for the elderly. Previously, according to the "Thirteenth Five-Year Plan for the Development of the Cause for the Aged and the Construction of the Pension System" issued by the State Council, it is estimated that the population over 60 will increase to about 255 million in 2020.
China people's pension preparation report
At present, the average income replacement rate of China's social basic old-age insurance is less than 50%. It is difficult for most people to reach the expected retirement income level only by relying on social basic old-age insurance.
Although the current "housing for the elderly" is faltering, the "housing for the elderly" model itself is still promising.
Raising children for old age?
Raising children to prevent old age is a long-standing old saying, and filial piety is an important link between father and son. Behind the concept of "son preference" is the issue of providing for the aged. Living in an economic unit is paternalistic. The daughter-in-law was married from someone else's house, and her daughter was married to someone else's house.
According to the data from the Survey of Public Concept of Pension in China, although the elderly still have a high degree of recognition of the concept of "raising children to prevent old age", the recognition of young people has weakened.
The parents of the "post-80s" generation have entered retirement age, and the post-80s generation should not only bear the responsibility of raising their children, but also support their parents, while the post-90s generation was born in a more typical "4+2+ 1" family. This generation's concept of fertility is more open, which invisibly intensifies their pressure of providing for the aged.
Since 1980s, the Dink family has quietly appeared in China. Today, in the past 40 years, the "Dink Family" in China has gradually grown, with more than 600,000 people. In a blink of an eye, the first batch of "Dink families" in China have also entered the old age. As early as 1993, among the 61800,000 families in the United States, 34.8 million families had no children, and the proportion of Dink families far exceeded 50%.
Under the background of aging population and increasing social insurance burden, the model of "providing for the elderly with housing" is undoubtedly full of great charm.
In May, 2020, NPC and CPPCC passed the first civil code of China, which clearly increased the usufructuary right of "residence" and defined the use attribute of the house as a kind of property right. In the future, residents can register their right of residence by agreement, and the registered right of residence can counter the house ownership certificate and better guarantee the "home ownership".
A number of legal professionals said that this system will help to provide legal protection for public rental housing and the elderly. "As long as the obligee does not die, the purchaser cannot obtain the right to live in the house."