DO CHILDREN SUPPORT THEIR PARENTS' APPLICATION FOR THE REVERSE MORTGAGE?: A KOREAN CASE

Title
DO CHILDREN SUPPORT THEIR PARENTS' APPLICATION FOR THE REVERSE MORTGAGE?: A KOREAN CASE
Authors
Yoo, IlhoKoo, Inhyouk
Keywords
Reverse Mortgage; Inheritance; Young Generation's Perception
Issue Date
2008-02
Series/Report no.
KDI Working Paper Series;08-03
Abstract
The purposes of the current study are (1) to examine trends in the custom of primogeniture and offsprings' perception regarding their inheritance, (2) to demonstrate why the younger generation, between 25 and 35, hesitate to agree with their parents' access to reverse mortgage and (3) to identify four group (demographic and geographic, residential condition-related, perception on real estate investment and perception on the reverse mortgage) characteristics which were significantly related to the willingness to approve parents' application for the reverse mortgage. In a random sample of 270 respondents aged between 25 and 35, 165 (62.1%) respondents replied negatively and 99 (37.9%) answered positively about parents' application for the reverse mortgage. Furthermore, throughout the logistic regression analysis, we found that residential areas such as metropolitan districts and Gangbuk are positively associated with the decision to support parents' application for the reverse mortgage. We also found that, in contrast, the younger generation's desire for inheritance in residential areas such as Gangnam, and the educational level of parents are negatively related to their decision to consent to parents' application for the reverse mortgage.
URI
http://archives.kdischool.ac.kr/handle/11125/17211
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