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South Korea Now Actively Promoting Reverse Mortgages
The Korean Financial Services Commission announced last month that they will introduce a new set of policies in the effort to spur reverse mortgage adoption to help the elderly prepare for retirement. Facing a rapidly expanding aging population and fewer prepared retirees the South Korean government has taken proactive steps to promote reverse mortgages while seeking to change the perception that the home is an asset to be passed on versus a pension product. The question is why doesn’t the U.S. government do the same?
Eighty-one percent of assets held by those 60 and older are held in homes or residential real estate. Sound familiar? It should. South Korean’s face similar challenges found in the United States with more pre-retirees unprepared or underprepared to fund their non-working years. Here’s just one example.
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