주택연금 계약해지 위험에 관한 연구

A Study on the Termination Hazard of the JooTeakYeonKeum

This study investigates the hypothetical reasons for the termination of JooTeakYeonKeum using quarterly performance data on borrowers from the Korea Housing Finance Corporation for the period of January 2010 through June 2013, fourteen quarters in total. We employ a random effect panel probit regression procedure to estimate the model coefficients. We classify the independent variables into two categories. First, we specify time-invariant variables such as various dummy variables, borrower’s age at the time of subscription, the age and value of a collateralized house, and the type of draw-down scheme involved. Second, we also regress on time-varying variables such as the number of reconstruction and redevelopment units, CD rates, and house price appreciation rates. We find that house price appreciation rate, an apartment dummy, number of reconstruction and redevelopment units, the regional death rate, and borrower age are positively associated in statistically significant magnitudes with the termination hazard that JooTeakYeonKeum faced.