Farmland-based Reverse Mortgages for Aged Farmers

Kim Changki (), Jung Seungyoung () and Kim Eyunghee ()
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Kim Changki: Business School, Korea University, Anam dong, Seungbuk gu, Seoul 136–701, South Korea
Jung Seungyoung: Department of Real Estate, Kimpo University, Gyeonggi-do, South Korea
Kim Eyunghee: Business School, Korea University, Anam dong, Seungbuk gu, Seoul 136–701, South Korea

Asia-Pacific Journal of Risk and Insurance, 2014, vol. 8, issue 2, 229-257

Abstract: An ageing population and the resulting income shortage of the aged are pressing problems in many countries across the world. In response, the Korean government set up the Farmland Bank to issue a new reverse mortgage, called farmland-backed annuity (FBA), to liquidize farmland assets and provide living expenses to aged farmers. In this study, we construct a suitable farmland price model for FBA. We also make a few proposals on designing FBA so that it meets the various needs of aged farmers. The results of this research would help the organization in charge of FBA to not only resolve the rural ageing problems but also contribute to strengthening the agricultural economy.

Keywords: farmland-based reverse mortgage; Farmland Bank; longevity risk; annuities; ageing population (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1515/apjri-2013-0018

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