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Towards income sustainability among elderly Malaysians: exploring the reverse mortgage option

Sulaiman, Noralfishah and Mohammed, Mohammed Ishaq (2016) Towards income sustainability among elderly Malaysians: exploring the reverse mortgage option. In: 8th International Real Estate Research Sysposium (IRERS 2016), 25-27 April 2016, Sunway Putra Hotel .

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Abstract

Malaysia is expected to become an aging nation by the year 2020, when 10% of its population will be in the age group 60 years and above. The increasing number of the elderly population points to the triumph of the country over deadly diseases that once been the cause of high mortality among adults. Although a feat for celebration, the increased longevity presents its own challenges. One of such challenges is income insecurity among the elderly population, who by virtue of their age are forced on retirement thereby making them to rely heavily on pension, social security or filial transfers, which in most cases are not sufficient to cater for the elderly income needs. Despite the fact that the elderly are “cash-poor”, however, they are in most cases considered to be “asset-rich” where they possess a substantial wealth in form of housing equity trapped in their residential houses, which if released, can provide considerable income that can supplement their existing income source. Reverse mortgage offers such avenues where elderly people can consume the trapped wealth in their residential houses by releasing the housing equity therein in order to improve their welfare. This paper attempts to explore the opportunities of using reverse mortgage product as a source of supplementary income to the elderly in Malaysia. The paper also reviews the existing literature on reverse mortgage product as found in other countries and proceeds with a SWOT analysis on the feasibility of the uptake of the market in Malaysia.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Elderly; income security; Malaysia; real estate; reverse mortgage
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Technology Management and Business > Department of Real Estate Management
Depositing User: Mr. Mohammad Shaifulrip Ithnin
Date Deposited: 13 Aug 2018 03:38
Last Modified: 13 Aug 2018 03:38
URI: http://eprints.uthm.edu.my/id/eprint/8381
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