《保险研究》20230406-《美国住房反向抵押贷款市场的机制特征与主要启示》（郑秉文、陈功）

［摘   要］美国有当前世界上规模最庞大、体系最成熟的住房反向抵押贷款市场，其主要运行机制可归纳为“四三三”，即由借款人、贷款人、政府机构和中介组织等四个市场主体共同参与构建证券、保险和二手房交易三个市场，主要提供政府开展型、政府支持型和私人开展型三种抵押贷款产品，由此形成一级和二级市场运行流程和多层次市场体系。美国住房反向抵押贷款市场在不断成熟的过程中呈现出借款人相对年轻化、男性借款人占比较低、贷款支付方式灵活、大型机构贷款人稀少、业务聚集效应较明显等主要特征。本文在分析美国住房反向抵押贷款市场的基础上，比较研究了我国当前住房反向抵押养老保险市场的现状，建议在国家层面应尽快推出担保政策助力市场发展，加强政府统一领导以统筹多元力量共同参与，完善产品线来满足多样化市场需求，在明确产品定位的同时加强产品正面宣传。

［关键词］美国住房反向抵押贷款；机制特征；担保政策；人口老龄化；养老保险

［作者简介］郑秉文，中国社会科学院大学政府管理学院教授；陈功，江南大学马克思主义学院副教授。

U.S.Reverse Mortgage:Characteristics of Its Mechanism and Main Inspirations

ZHENG Bing-wen,CHEN Gong

Abstract：The U.S.reverse mortgage market is currently the largest and most mature market in the world.Its main operational mechanism can be summarized as "four-three-three",which involves four market entities,including borrowers,lenders,government agencies and intermediary organizations,jointly participate in the construction of three markets of securities,insurance,and second-hand housing transactions.It mainly provides three types of reverse mortgage products:government launched type,government supported type,and private launched type,thus forming a primary and secondary market operation processes and a multi-level market system.In addition,the U.S.reverse mortgage market is showing some main characteristics as it continues to mature,such as relatively younger borrowers,lower proportion of male borrowers,flexible disbursement options,few large lenders,and significant business aggregation effects.Based on the analysis of the U.S.reverse mortgage market,this article compares and studies the current situation of the reverse mortgage market in China,and suggests to take the following measures:(a) launch a guarantee policy by the government to support the development of the reverse mortgage market;(b) strengthen the unified leadership of the government to coordinate the participation of diverse forces;(c) improve the product line to meet diversified demands;(d) strengthen the positive publicity of reverse mortgage while clarifying product positioning.

Key words：U.S.reverse mortgage;characteristics of the mechanism;guarantee policy;population aging;pension insurance