Abstract
Based on the finance panel survey data of the Korea Institute of Public Finance, this study investigates the factors of households’ microscopic decision to join the reverse mortgage loan (“RML” hereafter). The result of this study implies that, instead of optimal decision making which considers the necessity of the old age income security, arbitrary judgement is generally prevalent in the choice of whether to join the RML. This property of insufficient rationality in RML application is deemed to come from the poor level of utilization which reflects the lack of public interest in RML.
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