日本不動産学会誌

Abstract: This report summarizes recent market trends of the US “Home Equity Conversion Mortgage: HECM” and the UK “Lifetime Mortgage” based on a local interview conducted in 2015. HECM is guaranteed by the US FHA/HUD insurance system for consumer protection. Lifetime Mortgage has been developed historically through the group of private providers but contain the non-recourse condition in the event of excess debt, called as NNEG. Their utilization rates based on total homeowner mortgage shows niche market but 0.48%（US） and 0.7% （UK） in 2015. Now, how can we develop our product in Japan to their level?

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Reverse mortgage has been considered as one of the tools for liquidating the equity value of the residential assets held by households. In Japan, however, we would eventually face the needs of refinancing the 35 year mortgages which have been increasingly popular since around 2000. Such super-long mortgages remain outstanding for about 10 years after borrowers’ retirement and are likely to bring about unfavorable effect on to the economy. Refinancing RM will mitigate the burden of retirees while allowing them to live in the same houses. In order for such scheme to work, we, however, need to find out more efficient way of releasing the value of the residence than just relying upon the disposal value of the land. This is to propose a possible practical idea to rely upon the future rental value of the collateral, thereby enabling the “DCF （discount cash flow） value based RM”, and to calculate the possible maximum lending amount using an actuarial method based upon certain assumptions.

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高齢者が居住する住まいの法的権原については，所有権に基づく場合，単なる債権に基づく場合及び賃借権に基づく場合が考えられるが，コストやプライバシー等の保護及び環境の変化への対応性等を考えると賃借権が最もふさわしいものと考えられる。

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This paper discusses the evaluation and issues of The Housing for the Elderly with Life Support Services, from the perspective of real estate business. Most elderly facilities such as special nursing homes provide the housing and care in an integrated manner, but The Housing for the Elderly with Life Support Services handles housing and care separately. As a result, residential tenants of this housing sign a building lease contract, not a use contract. By this contract, resident’s rights are strongly protected. However, this housing is operated by care providers and they are not familiar with the real estate business, so there are several problems from the perspective of real estate business.

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