How to identify the true and false "housing for the elderly"? Experts suggest avoiding losing money and house.

"Housing for the Aged" does not mean "reverse mortgage insurance for housing for the aged"!

As a new financial service product, "providing for the aged with housing" could have turned the house of the elderly into a real "pension", but at present, many products on the market under the banner of "providing for the aged with housing" are hard to distinguish between true and false, which ultimately makes the elderly "have neither money nor house".

Recently, Weibo, Beijing Haidian Public Security Bureau, announced that in response to investors' reports that Beijing Zhongan Minsheng Asset Management Co., Ltd. and Zhongan Minsheng Pension Service Co., Ltd. were engaged in illegal fund-raising activities, Haidian Branch of Beijing Public Security Bureau had filed a case for investigation against relevant companies and criminally detained 88 suspects on April 3.

It is understood that in this case, the relevant company lured many elderly people into a scam with high interest rates under the banner of "housing for the elderly", and even the victims faced the risk of the house being auctioned.

The real "housing for the aged" business is an important measure for the insurance industry to support the development of the aged care service industry and an innovative way for the insurance industry to serve the construction of the social endowment insurance system.

However, due to traditional ideas, legal environment and other reasons, the insurance industry has made slow progress in promoting "housing for the elderly". At the same time, the deception is refurbished, confusing the concept in the name of "providing for the elderly with housing" and infringing on the rights and interests of consumers. Experts in the industry suggest that the real housing reverse mortgage pension insurance must meet the two basic conditions of "obtaining the approval of the CBRC" and "the institution holds a financial license".

What is the real "housing for the elderly" like?

In fact, the definition of "housing for the elderly" is very broad, but "housing for the elderly" does not mean "housing reverse mortgage pension insurance".

The reverse mortgage pension insurance for the elderly is an innovative commercial pension insurance business, that is, the elderly with full property rights mortgage their houses to insurance companies, continue to enjoy the right to live in their houses, and receive pensions according to agreed conditions until their death; After the death of the old man, the insurance company has the right to dispose of the mortgaged house, and the proceeds from the disposal will first be used to pay the related expenses of the old-age insurance.

The person in charge of housing reverse mortgage pension insurance of Happy Life Insurance Co., Ltd. (hereinafter referred to as "Happy Life") told the First Financial Reporter that the formal housing reverse mortgage pension insurance business fully guaranteed the rights and interests of the elderly. The elderly always enjoy the right of possession, use, lease and redemption, while the insurance company only has the right of mortgage.

"After handling this business, because of the existence of mortgage, the elderly just can't sell the house. At the same time, after the death of the old man, the insurance company can only dispose of the property with the cooperation of the heir. This is obviously different from the' householding for the elderly' scam. " The person in charge said.

Zhu, deputy director of the Insurance Research Office of the Financial Research Institute of the State Council Development Research Center, said that the "house-to-house pension" business launched by insurance companies has three main characteristics.

First, combine with life annuity, bear the risk of longevity, and pay the old-age annuity to the elderly on a monthly basis according to the contract until death;

Second, it can meet the needs of "home-based care for the elderly". Old people don't need to move out, they can continue to live in their own houses until they die. Compared with the way of "providing for the elderly with housing", it has little influence on the living environment and lifestyle of the elderly;

Third, after the death of the elderly, the rest of their real estate disposal income still belongs to the legal heir after repaying the related expenses of endowment insurance; If the income from property disposal is insufficient to pay, the insurance company shall bear the corresponding risks and shall not recover from the family members of the elderly.

What kind of people can attend?

Of course, "housing reverse mortgage pension insurance" is not the whole of pension, but it provides a new way for some elderly people and is a supplement to the existing pension model. It should be noted that not all elderly people can participate, and only part of the needs of specific groups can be met.

According to the reporter's understanding, the applicable population of "housing reverse mortgage pension insurance" needs to meet the following conditions: First, the age is 60~85 years old; The second is to have full property rights of the house.

Experts in the industry believe that this business is mainly to provide a new means to increase pension income for the elderly who have real estate but lack pension funds, so that the main stock assets of the elderly can be converted into pension funds without transferring the right to use, enriching the elderly's pension choices, increasing the sources of pension funds for the elderly and improving their quality of life.

According to the business process of Happy Life, first, because many legal issues will be involved in the handling process, both parties (the elderly and the insurance company) will conduct legal due diligence with the appointed lawyers; Secondly, the value of the mortgaged house is determined by the first-class qualified appraisal company, and the appraisal institution is selected by the elderly in the alternative library; Third, after signing the contract, the elderly will mortgage the property, and the insurance company only has the mortgage right, and the ownership and use right still belong to the elderly; Finally, all agreement texts and internal and external links need to be notarized to ensure the standardization of business processes and safeguard the legitimate rights and interests of both parties.

Why is the liar advancing faster than the regular army?

In fact, the "housing for the elderly" model has been promoted in the form of a pilot for nearly five years, but the market response is extremely cold and the attitude of insurance companies is not positive. Up to now, only Happy Life has made substantial progress in the business of "providing for the elderly with housing".

Judging from the promotion situation, the participating families are mainly childless families. This is closely related to people's ideas and acceptance of products, the legal environment and cultural traditions of China.

By the end of March, 2065438+2009, the reverse mortgage pension insurance business of Happiness Life has covered 8 cities including Beijing, Shanghai, Guangzhou, Wuhan, Nanjing, Suzhou, Dalian and Hangzhou 133 households (194 single). The average insured age is 7 1 year, and families without children account for nearly half. Widowed, empty nesters and low-income elderly people are more willing to insure.

Zhu believes that the factors affecting business development mainly come from five aspects: concepts, laws and supporting policies, risk management and control, high requirements for the company's ability, and a considerable number of elderly real estate can not be listed and traded.

The first financial reporter learned in the interview that there are still gaps or deficiencies in some laws and regulations; Business links involve real estate management, finance, taxation, justice and other fields, which all pose challenges for insurance companies to carry out this business.

"Housing evaluation, due diligence, mortgage registration and business notarization involve multiple departments and external institutions, and the process and operational requirements in different regions are not consistent." Zhu believes that there are many links involved and the ability of insurance companies is needed.

"Housing reverse mortgage" is a new thing, and many local government departments are in contact for the first time. No matter policies and regulations, business processes and institutional mechanisms, they need to be reorganized and established.

Happy Life told the First Financial Reporter that it usually takes 2-3 months from signing the letter of intent for insurance, housing evaluation, legal adjustment, housing mortgage, notarization for the elderly, and finally completing various procedures to receive pensions, with the longest being 9 months. After both parties have reached an agreement on the appraised value of the house and the amount of pension they can receive each month, it is the easiest link in the whole business to register the mortgage of the house in each district bureau to which the house belongs.

The first important step in the early stage of starting a business is to confirm the "nature of the house". After the housing reform in China, the housing has been changed into a commercial housing that can be freely listed and traded after paying the land transfer fee. Some central houses (public houses purchased by the central government in Beijing) can only be circulated in the system due to confidentiality and other reasons.

Another important factor that is crucial in the early stage is the nature of property rights. According to the regulations, only houses with 100% full property rights owned by the elderly can be mortgaged. In addition, the replacement of marriage certificate and the addition of real estate license are also common problems in this link.

Furthermore, the traditional bank mortgage loans are all forward mortgages, and a specific mortgage period and amount will be agreed. However, reverse mortgage is life-long, and the duration and amount of mortgage are closely related to the life of the insured. The mortgage term and amount cannot be agreed in advance. The handling procedures and management regulations of relevant government departments need to be re-matched and improved, otherwise it will not be able to support the handling of related businesses.

How is the development abroad?

The concept of "housing for the elderly" originated in the Netherlands, and the real concept of "housing for the elderly" was put forward in the United States in the 1980s, followed by developed countries such as Britain, Singapore and Japan? ? Exploration of "providing for the elderly with housing" However, in foreign countries, "providing for the elderly with housing" also belongs to a niche market.

The first financial reporter learned that in the United States, the main participating institutions of housing reverse mortgage pension insurance are banks, and insurance companies mainly provide protection. The loan applicant must be over 62 years old, and the house with reverse mortgage is owned by the elderly and used for daily life. The Federal Housing Administration can provide mortgage loans for more than 90% of the elderly.

In terms of protection, the elderly's right to know will be fully protected before applying for loans. According to the regulations, the elderly need to hire professional consultants and receive relevant knowledge training before applying for loans, and the financial institutions that provide such loans have been approved by the Federal Housing Administration. At the same time, in order to avoid the worries of the elderly, if the elderly default during the loan period, it will be paid by the mortgage fund under the Federal Housing Administration of the United States.

In addition, the choice of loans is also diverse. Borrowing methods include monthly, regular and one-time payment. In the disposal of real estate, the house can be handed over to financial institutions, or the heir can redeem the house after paying off the loan principal and interest within 1 year.

Judging from the development situation, the "house-for-the-aged" business in the United States reached its peak in 2008 and 2009, with about 1, 654,38+0,000 elderly people participating. However, the market share of this business only accounts for 1% of the traditional mortgage market, that is, only 1% of Americans use reverse loans to "support the elderly".

Is the development of China sustainable?

Under the circumstance that the aging population has given birth to a series of pension problems, many developed countries have gradually turned their attention to the asset wealth solidified in real estate, and have launched the exploration of "providing for the elderly with housing".

In order to cope with the increasingly serious problem of aging, in recent years, China Banking and Insurance Regulatory Commission has actively participated in the construction of a multi-level old-age security system. The former China Insurance Regulatory Commission issued "Guiding Opinions on Launching the Pilot Project of Reverse Mortgage Endowment Insurance for the Elderly" and "Notice on Extending the Pilot Period and Expanding the Pilot Scope of Reverse Mortgage Endowment Insurance for the Elderly", hoping to encourage the insurance industry to actively participate in the development of the aged care service industry through the pilot project and explore and improve China's old-age security system.

Zhu predicted that the existence of six factors still left a certain space for the development of "housing for the aged" in China.

First, the aging population structure in China has become increasingly prominent. Second, the family structure is undergoing significant changes, the family size is shrinking, and the "4-2- 1" family group is huge. At the same time, some families who lost their independence and "empty nest" family groups also came into being. In addition, the proportion of living alone and nursing expenses have increased, and the proportion of single families and empty-nest families has also increased.

Third, the change of living pattern. "Modernity makes the life distance between parents and children farther, and the traditional family function is reduced." Zhu said to:

Recently, the calculation results of China Pension Actuarial Report 20 19~2050 show that the accumulated pension balance will be exhausted in 2035, which means that the reform process of the old-age security system is facing arduous challenges. Zhu believes that the lack of total pension, structural imbalance and the demand for diversified pension arrangements have become the fourth factor for the development of the "house-to-house pension" business.

Fifth, China real estate accounts for a relatively high proportion of total household assets. It is reported that China's family property accounts for 69% of total assets, while the United States only accounts for 36%; Sixth, the business volume with a large population base and a small proportion will be very large.

At present, the secondary market of housing mortgage loan in China is underdeveloped, which reduces the liquidity of assets and affects the enthusiasm of financial entities such as insurance companies to participate in housing reverse mortgage loan.

Zhu suggested that in the future, China can improve its supporting policies in finance, taxation, justice and housing construction. At the same time, in terms of products and services, encourage product innovation to diversify and differentiate products. For example, insurance companies can cooperate with nursing institutions or build their own nursing service system to provide value-added housing sharing or new products of "old-age insurance plus old-age services".

(Editor: Liu Hongli)