Determinants of Households’ Intention to Take Out or Convert to a Trust-Type Home Pension: Evidence from South Korea

Kyung-Jin Choi, HeuiJu Chun and Dong-Hwa Lee

Emerging Markets Finance and Trade, 2023, vol. 59, issue 5, 1538-1553

Abstract: This study analyzes the determinants of Korean households’ intention to take out a trust-type home pension (Korean reverse mortgage) or switch from a collateral-type home pension to a trust-type home pension. Using a proportional odds logit model, we analyzed 2018 survey data on home pension demand. Trust-type home pension enrollment is most significantly influenced by homeowners’ relationship with children after enrollment, followed by homeowners’ need for retirement-related financial education. The presence (or absence) of a homeowner’s spouse most significantly influenced conversion intention, affirming that for homeowners with a spouse, their priority in pension selection was securing their spouse’s future entitlement.

Date: 2023
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DOI: 10.1080/1540496X.2022.2147781

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