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Centre for Policy on Ageing | |
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Meeting the income needs of older people in East Asia
— using housing equity | | Author(s) | John Doling, Richard Ronald |
| Journal title | Ageing and Society, vol 32, part 3, April 2012 |
| Pages | pp 471-490 |
| Source | http://www.journals.cambridge.org/aso |
| Keywords | Family care ; Home equity release schemes ; Social policy ; Japan ; Singapore ; Korea. |
| Annotation | In the welfare systems of East Asian countries, the income, care and other needs of older people have traditionally been met by the family, supported by what might be termed the first home ownership strategy: widening access to home ownership as a physical, emotional and financial basis of family wellbeing. However recent political, economic and demographic developments have undermined this model. Examining policy responses in the three most advanced East Asian economies, namely Japan, Singapore and South Korea, this paper identifies common tendencies in the ways in which the ability to use home ownership has been strengthened. As a second strategy, home ownership has been used to reduce geographical constraints on family support, while, as a third strategy, governments have introduced mechanisms through which older people are able to release some or all of the equity they have built up through the housing market. These mechanisms include downsizing or converting to a rental solution as well as forms of reverse-mortgage products, some available through private financial institutions and others involving state-organised and state-operated devices. (JL). |
| Accession Number | CPA-120405006 A |
| Classmark | P6:SJ: WQB: TM2: 7DT: 7XD: 7DK |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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