Rising sun, falling birthrate

Tuesday, December 5th, 2006

Rising sun, falling birthrate looks at reverse mortgages, particularly for Japan, which is facing a pension crisis:

There is an alternative to home equity loans that does not jeopardize home-ownership, and may offer an alternative way to fund retirement: reverse mortgages. They are growing in popularity, but still misunderstood. Like traditional mortgages, reverse mortgage involve a homeowner borrowing against the value of his home. These loans, however, are not due until the homeowner dies or sells his home, and the bank only has access to assets from the sale of the house.

The most popular of these loans are guaranteed by the department of Housing and Urban Development and are available only to homeowners above the age of 62. The principal from the mortgages is distributed in a series of lump sum payments or an annuity. Essentially, seniors are converting home equity into an alternative pension plan.

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Phileas Frogg: I had no clue Murakami used this method. Honestly my prose can get a bit purple at times, I should try it out. Now I just have to learn enough to write in another language.
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Isegoria

Rising sun, falling birthrate

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