Research On The Development Of China's Housing Reverse Mortgage Endowment Insurance

China is a developing country with rapid economic development in recent years,but China's aging population is facing the same challenges as developed countries.In the past decade or so,the number of elderly people in China has grown rapidly,and the number of newly born people has gradually decreased.As a result,the proportion of the elderly has gradually increased,making the problem of old-age care in China increasingly prominent.Although the state has taken measures to completely liberalize the second child policy and encourage more couples of the age to give birth to two children,after the implementation of the policy,the proportion of the elderly has not declined,and aging is still intensifying.The intensification of aging has put pressure on China's old-age pension,and the traditional family pension and social pension pressures have gradually increased,making the quality of life of the elderly in the later years cannot be guaranteed.Therefore,after learning from the experience of some developed countries to deal with the problem of aging,China has proposed an innovative pension model for housing reverse mortgage insurance with Chinese characteristics.In June 2014,the former China Insurance Regulatory Commission issued the ?Guiding Opinions on Piloting the Reverse Mortgage Pension Insurance for Senior Citizens? and designated Beijing,Shanghai,Guangzhou and Wuhan as pilot areas.The pilot time is two years;2016 When the pilot expires,the China Insurance Regulatory Commission decides to continue the pilot and expand the pilot area for a period of two years.After the expiration of the second pilot,the State Council promulgated relevant documents in August 2018,and decided to promote the housing reverse mortgage pension insurance business nationwide.However,housing reverse mortgage pension is a new thing in China,and it encounters many problems in the implementation process.This paper takes China's only housing reverse mortgage pension insurance product--Happiness Life “Fang Laibao”Insurance as an example to study China's housing development of reverse mortgage pension insurance.This article starts with a product “Fang Laibao”released by Happy Life,which mainly introduces the meaning of housing reverse mortgage pension insurance,analyzes and summarizes its characteristics,and introduces in detail the institutional advantages ofthis insurance,combined with its current development in China.The status summed up the problems encountered in the operation process and the reasons for these problems,from the government,financial institutions demanders in three aspects of analysis and discussion.Through the analysis of the better-selling reverse mortgage products of the United States,Japan and Canada,the paper summarizes their development characteristics and lessons,and draws lessons from the experience of developing China's housing reverse mortgage pension insurance.Finally,in view of the problems existing in the development of housing reverse mortgage insurance in China,the corresponding countermeasures and suggestions are put forward,and the laws and regulations related to housing reverse mortgage pension insurance are gradually improved,so that multi-party financial institutions can participate in this new business and enhance product diversity.Gradually change the traditional concept of old-age care for the elderly.