The The reverse mortgage - an opportunity to supplement pension benefits in Poland?

Edyta Rutkowska-Tomaszewska

Published: 2020-12-07

Vol. 15 No. 1 (33) (2015)

The The reverse mortgage - an opportunity to supplement pension benefits in Poland?

Edyta Rutkowska-Tomaszewska

Abstract

The article presents an outline of the principles for granting reverse mortgage loans by banks and other credit institutions, as well as mechanisms intended to protect consumers who may potentially take advantage of this service. Its objective is not to offer a detailed analysis and assessment of the solutions adopted in the new Reverse Mortgage Act, but rather to present this new financial service as an opportunity for seniors who have amassed a sufficient asset base during their working life to improve their financial situation and complement their pension income. The article signals some potential dangers which can accompany this instrument, as well as other similar products offered by some financial institutions, such as lifetime annuities, which can in practice distort and subvert the purposes for which the Reverse Mortgage Act was adopted

Keywords:

reverse mortgage, retirement pension, consumer, financial services, lifetime annuity

Download files

pdf

Citation rules

Rutkowska-Tomaszewska, E. (2020). The The reverse mortgage - an opportunity to supplement pension benefits in Poland?. Economic and Environmental Studies, 15(1 (33), 43–59. Retrieved from https://czasopisma.uni.opole.pl/index.php/ees/article/view/2935

Cited by / Share

Licence

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

References

Assumptions to draft Reverse Mortgage Act as of 5.01.2012
Google Scholar

Armada-Rudnik, P. (2011). Odwrócony kredyt hipoteczny na tle założeń Ministerstwa Finansów z 19.4.2010 r. Nieruchomości 1: 34
Google Scholar

Barr, N.; Diamond, P. (2008). Reforming pensions: Principles and policy choices. New York and Oxford: OUP.
Google Scholar

Cambridge (1990). The Three Worlds of Welfare Capitalism. Polity Press & Princeton: Princeton University Press.
Google Scholar

Czajka, Z. (2004). Reformowanie systemów emerytalnych w państwach członkowskich UE. Studia Europejskie 3.
Google Scholar

Doling, J.; Overton, L. (2010). The European Commission’s Green Paper: reverse mortgages as a source of retirement income. Wiadomości Ubezpieczeniowe 3: 57 Draft of the Lifetime Cash Annuity Act along with legislative rationale. Available at https://legislacja.rcl.gov.pl/ projekt/227241, http://konsultacje.gov.pl/node/3514. Accessed 27 December 2014.
Google Scholar

EC (2012). White Paper. An Agenda for Adequate, Safe and Sustainable Pensions, European Commission, Brussels: 3–10 Poverty and exclusion amongst senior EU citizens. Aggregate Report – January 2011. Available at: http://www.europarl.europa.eu/pdf/eurobarometre/2011/2011_04_01/consensus_conference_poverty_report_pl.pdf. Accessed 16 November 2014.
Google Scholar

Ghilarducci, T. (2010). The future of retirement in aging societies. International Review of Applied Economics 24(3): 327.
Google Scholar

Legislative rationale accompanying the draft Reverse Mortgage Act.
Google Scholar

Macierzyńska- Franaszczyk, E. (2011). Ryzyka kredytobiorcy – beneficjenta odwróconego kredytu hipotecznego i instrumenty jego ochrony prawnej. Polityka Społeczna, special edition. Problemy zabezpieczenia emerytalnego w Polsce i na świecie. Warsaw: 36–39.
Google Scholar

Maćkowska, A. (2009). Reverse mortgage- odwrócona hipoteka. In: Gabryelczyk, K (ed.). Private asset & health management. Nowe instrument i usługi finansowe: 331-332, 326-342, Warsaw.
Google Scholar

Pawlęga, Sz. (2010). Ocena założeń Ministerstwa Finansów do ustawy o odwróconym kredycie hipotecznym. Wiadomości Ubezpieczeniowe 3: 59.
Google Scholar

Poverty and Exclusion Among Senior. Aggregate Report (2011). Available at: http://www.europarl.europa.eu/pdf/eurobarometre/2011/2011_04_01/consensus_conference_poverty_report_en.pdf. Accessed 27 December 2014.
Google Scholar

Reifner, U.; Clerc – Renaud, S.; Perez – Cerrillo, E.F.; Tiffe, A.; Knobloch, M. (2009). Study on equity release schemes. In the EU, part III Annexes: 31–34.
Google Scholar

Reifner, U.; Clerc-Renaud, S.; Perez-Cerrillo E.F.; Tiffe, A.; Knobloch, M. (2009). Study on equity release schemes in the EU, part I General report.
Google Scholar

Rutkowska – Tomaszewska, E. (2013). Ochrona prawna klienta na rynku usług bankowych. Warsaw: LEX a Wolters Kluwer business.
Google Scholar

Rutkowska-Tomaszewska, E. (2014). Odwrócony kredyt hipoteczny – lekarstwo na ubóstwo emerytów (seniorów, osób starszych)? In: Blicharz, J.; Klat – Wertelecka, L.; Rutkowska - Tomaszewska E. (eds.). Ubóstwo w Polsce: 167. e-Monografie Nr 46. Wrocław.
Google Scholar

Sieczkowski, W. (2014). Reforma systemu emerytalnego w Wielkiej Brytanii. Wiadomości Ubezpieczeniowe 2.
Google Scholar

Szpringer, W. (2009). Społeczna odpowiedzialność banków. Między ochroną konsumenta a osłoną socjalną. Warsaw: WoltersKluwer.
Google Scholar

Verdict of SOKiK of 16.01.2013, XVII AmC 5406/11 (entry 5706, 5707 and 570).
Google Scholar

Verdict of SOKiK of 21.05.2014, XVII AmC 35144/13 (entry 5765 and 5766).
Google Scholar

Decision 2012 of the President of the Prezesa UOKiK of 31 July 2012, RWA-12/2012.
Google Scholar

Wicke, E. (2008). Umgekehrte Hypothek – Ein Zukunftsmodell für Deutschland? E-Journal of Practical Business Research, Sonderausgabe Bank 1 (12): 4. Available at: www.ign.org.pl. Accessed 27 December 2014.
Google Scholar

Żukowski, M. (2006). Reformy emerytalne w Europie. Poznań: Akademia Ekonomiczna w Poznaniu.
Google Scholar