Abstract
The purpose of this study is to analyze the effect of housing price and housing price change on Reverse Mortgage Subscribers. For this purpose, VECM model was constructed by analyzing the number of Reverse Mortgage subscribers, housing price change rate, and housing price time series data from January 2008 to December 2018. Panel A model, which consists of 2 variables of housing price and housing pension subscriber, and Panel B model, which added variable of housing price change rate. As a result of the impact analysis on the VECM model, the number of housing pension subscribers was positively affected by the impact of 1 unit of standard deviation of house price. The results of the analysis of the addition of the housing price change showed that the standard deviation of the house price fluctuation is affected by the negative direction of one unit. The housing price change rate has been shown to have a negative effect on the number of Reverse Mortgage subscribers from the time lag 1 to the lag 5, As a result, the housing pension subscriber responds sensitively to the housing price fluctuation rate for about 5 months, and it’s negative influence continued. Therefore, in order to activate Reverse Mortgage subscription, it is necessary to stabilize the housing market by reducing the housing price change rate.
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