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Farmland reverse mortgage
Real estate
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Contents
1. What is FRM
2. Examples of FRM
3. Problems and alternative solutions of FRM
4. Reference
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1. What is FRM
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1. What is FRM
Concept : To 65 year-old and over aged farmers, This is a system that keeps their own farmland as collateral and provide them pension for their a stable life after retirement.
Future directions : By securitizing farmland fund, to enjoy life of ease in their old age and maintain the security farm life.
A legal basis :
Korea Rural Community Corporation and A law of farmland management.
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2. Introduction background
Aging of population.
Especially, in the case of Korea, there is no perfect pension system that guarantee pension for older people.
Size of farming is small.
Because of aging, a shortage of labor and low productivity.
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3. Qualification
Age : Contractor and contractor¡¯s spouse are more than 65 years.
¡¦(»ý·«)
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sible thing.
3) Secure a stability(Financial support)
-Because it is operated by government, receiver can receive stable pension.
4) Unclaimed dividends of debt
-When contractor sells the farmland and repays the debt,
if there is a remaining amount, give back to contractor
if amount of redemption is short, they don¡¯t charge for it.
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2. Field Investigation
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1. Field Investigation Team 1
1. Joining member¡¯s of farmland reverse mortgage
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-There is a growing trend to subscribers.
-Up to 100 cases per month since January 2012.
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1. Field Investigation Team 1
2. The state of management
2012 business plan and result (11.08)
Contents
Farmland Reverse Mortgage
Business expense
New members
Plan
19,035
1,082
Result
14,795
1,098
percentage(%)
77.7
101.5
(one million won, ha)
¥±. Farmland Reverse Mortgage¡¯s counsel number of cases
-counsel number of cases : 1772