美国住房反向抵押贷款:历程、经验和挑战  

Reverse Mortgage in the US:Process,Challenge and Experience

作　　者：陈功 郑秉文[2] Chen Gong;Zheng Bingwen

机构地区：[1]江南大学马克思主义学院 [2]中国社会科学院美国研究所

出　　处：《国际经济评论》2023年第3期144-176,8,共34页International Economic Review

摘　　要：美国住房反向抵押贷款市场发端于1961年,其发展历程大致可划分为五个主要阶段,即市场自发下的实验探索阶段(1961-1981年)、联邦政府初步介入下的市场培育阶段(1982-1989年)、联邦政府推动下的小步发展阶段(1990-1999年)、联邦政府主导下的快速发展阶段(2000-2007年)和国际金融危机后的深度调整阶段(2008-2022年)。在1989年正式推出由联邦住房管理局为借贷双方提供保险的房产净值转换抵押贷款(HECM)之前,混乱的市场发展状况呈现政府重视不足、产品设计缺陷、市场互动缺乏、政府监管乏力、配套金融市场不完善等现实教训;此后政府和市场合力推动市场整体运行机制不断优化,整体发展历程突显政府积极支持、完善市场监管、强化私人机构参与积极性、政府为产品借贷双方提供担保等值得关注的发展经验。尽管当前美国住房反向抵押贷款市场大体走上成熟发展轨道,但仍然面临产品实际需求不足、私人领域积极性不高、借款人违约率较高、公众误解普遍和误导广告较多等挑战。总体来看,通过对相关市场支持条件进行适当引导,美国联邦政府主导并配置了相对合理的市场发展环境,预计未来美国住房反向抵押贷款市场将继续在财务稳健的基础上不断前行。The US'reverse mortgage market started in 1961.Its development can be roughly divided into five main stages,i.e.,the experimental exploration stage under the market spontaneity(1961-1981),the stage of market cultivation under the initial intervention of the federal government(1982-1989),the small-step development stage promoted by the federal government(1990-1999),the rapid development stage led by the federal government(2000-2007),and the stage of deep correction in the wake of the global financial crisis(2008-2022).Before the official introduction of the Home Equity Conversion Mortgage(HECM)in 1989,which was insured by the Federal Housing Administration for both lenders and borrowers,the chaotic market development featured some practical problems,including insufficient government attention,product design defects,lack of market interaction,weak government regulation,and imperfect supporting financial markets;since then,the government and the market have worked together to promote the continuous optimization of the overall operation mechanism of the market,and the overall development of the market has changed for the better,providing some noteworthy experiences such as the active support of the government,perfect market regulation,enhancement of the active participation of private institutions and guarantees from government for both borrowers and lenders.Although the current US market has generally remained on the track of mature development,it still faces many challenges in the process of its development,such as insufficient real market demand,lack of enthusiasm of the private sector,high borrower default rate,widespread public misconceptions,and widespread misleading advertisements.On the whole,by properly bringing out the role of relevant market supporting factors,the US federal government has led and built a relatively reasonable overall market environment.It is expected that the Us'reverse mortgage market will continue to move forward on the basis of financial stability in the future.

关 键 词：住房反向抵押贷款 制度变迁 政府作用 担保机制 

分 类 号：F831.2[经济管理—金融学] F299.712