53
THE IMPLEMENTATION CIRCUMSTANCES OF THE REVERSE MORTGAGE
CREDIT, AN INNOVATORY PRODUCT FOR THE OLD AGE SECURITY IN POLAND
Ane a Nie upska
W ocław Uni e si y o Economics, Facul y o Economics, Managemen and Tou ism,
ul. Nowowiejska 3, 58-500 Jelenia Gó a, Poland
e-mail: ane a.nie upska@in e ia.pl
Abs ac
The a icle a emp s o app oxima e he mechanism o ac ion o inno a i e p oduc s in ended
o p o ec people in hei old age. The e was also iden i ied a pension o li e and a e e se
mo gage c edi , which based on he capi al loca ed in an es a e, gi e p ope y owne s he
oppo uni y o con e his " ozen" capi al in o eal unds.
Cu en ly, he Polish socie y needs inno a i e solu ions o he imp o emen o domes ic
budge s. In iew o he leng hening o he a e age li e expec ancy o nega i e g ow h, he
amily model 2 plus 1, bu also o he p ospec s o success ul de elopmen o he Polish
economy and he eal es a e ma ke , secu i y p oduc s o people in he ime o hei old age
dese e widesp ead p omo ion.
In oduc ion
A p og essi e dec ease in he bi h a e wi h a collapse o he pa icipa o y pension scheme
lead o sea ching o al e na i e inancial implemen a ions which could p o ide inancial
secu i y o senio s.
Many a emp s a e aken o ind he ools o he a ge implemen a ion. Among hem a he
op he e is a pe pe ui y (a pension o li e) and he e e se mo gage, which can be ea ed as
inno a o y p oduc s made by inancial enginee ing. In my a icle, I aim o econs i u e and
concep ualise he e e se mo gage and poin ou i s ad an age o e he pe pe ui y.
1 Theme o Inno a ion in he Financial Enginee ing
The e m “inno a ion” comes om La in “inno a is”, which means enewal and c ea ing
some hing new [12]. In economic s udies, his e m was in ol ed, popula ized and desc ibed
by J.A. Schumpe e . An inno a ion was he in oduc ion o a new p oduc o a new so o
p oduc s, a new me hod o p oduc ion, opening he new ma ke , acqui emen o a new
esou ce and, implemen a ion o he new o ganiza ion o some indus y, o example, c ea ion
o monopolies o b eaking hem [9, p.104]. Acco ding o Z. Pie asiński, inno a ions a e
changes made in en ionally by human beings (…) and based on eplacemen o cu en hings
by new ones, which a e e alua ed posi i ely acco ding o a ious c i e ia o p og ess [6, p.
10]. J. Pajes ka s a es ha i does no ma e i a p oduc is known in di e en places (…); an
inno a ion is no only he hing, which is absolu ely wo ldwide new, bu a hing being new o
ha socie y [5, p. 179-180]. E e y single inno a ion c ea es some new possibili ies, bu also
p o ides es ic ions and isks [12].
I we y o make a subjec di ision o enginee ing – which in oduces e e y inno a ion – we
could dis inguish he i s one, classically de ined as a physical enginee ing based on he laws
o na u e and science and physics, which is needed o cons uc ion ma e s; and he second
ype is he one connec ed wi h he social enginee ing, which is no connec ed o ma e ial as
much as he i s one, bu i is associa ed wi h ac ions and based on laws o social
de elopmen and cul u e.
54
Co espondingly, he p oduc and e ec o he i s one a e echnical inno a ions, such as new
esou ces and echnologies- and o he second ype he e a e social inno a ions.
Many ins i u ions and social ins umen s, which seem o be ob ious and inex icable pa s o
economic and social li e, ha e been p o ided some day and ha e been seen as an inno a ion
and an in en ion and e en an a e ac demanding he social accep ance [12]. As an example, I
can in oduce he in en ion o pape money, c edi s, he insu ance sys em and so on.
Ano he o m o social enginee ing is inancial enginee ing. By con as , inancial enginee ing
is comme cial and i is a b anch o mode n inance, supplying he inancial ma ke s wi h
necessa y ools needed o o ecas ing and o modelling e en s. Whe e o e he whole ange
o inno a o y inancial p oduc s is c ea ed (in e alia he e e se mo gage).
2 Re e se Mo gage as an Inno a o y Bailou o he Old Age and an Al e na i e
o a Pension
The e e se mo gage is one o he inancial p oduc s which a ouses in e es and has become
he subjec o many discussions and analyses [1, p. 444]. Al hough i does no exis on he
Polish inancial ma ke , due o he pending legisla i e wo k, some economic and demog aphic
p esump ions a e no iceable, and consequen ly, his leads o he quick implemen a ion o he
issue o e e se mo gage. The la ges impac on he p og ess in he e e se mo gage is
caused by an inc easing g oup o e i ed people whose pension packages come o a de ini ely
lowe le el han hei p e ious sala y. The inc easing numbe o pensione s is a esul o he
leng hening o li e’s du a ion and also o a pe iod o dec ease in he bi h a e, which
consequen ly b ings a declining amoun o he wo king-age popula ion. Tha leads o a alling
alue o social-secu i y con ibu ions, a ec s nega i ely he capaci y o he whole insu ance
and pension sys ems and i will be a ac o esponsible o a huge d op in he pension alue.
The aging o popula ion leads o inancial changes in he social-secu i y sys em. The e ec is
seen as a depa u e om he pay-as-you-go sys em o he new sys em: con aining some
capi al ese es. Howe e , i is wo h o men ion ha he alue o u he pension igh s is
also based on en i lemen o a e i emen pension and on he a e age li e’s du a ion besides
he capi al. Those e ms lead o he dec ease in he eplacemen a e (p opo ion o a pension
o he las - paid sala y), which e ec s he inc easing po e y among he old age people. E en
de eloped coun ies s uggle wi h ha kind o p oblem o ge ing new inancial esou ces o
he old age pensione s. One o hem can be a eal es a e.
In he old days, an es a e in nume ous amilies used o be a cashless way o inancing in he
old age by adul child en (mos o en i was a dow y o he oldes daugh e who nu u ed he
pa en s). Acco ding o many changes in he amily s uc u e (appea ing o "nuclea amilies"),
he eal es a e was a kind o a ee o he s ange as a way o paymen o ca e in he old age
pe iod. An apa men could be gi en away as an inhe i ance o wi h a li e con ac . Howe e ,
bo h we e connec ed wi h a isk o each side o he con ac . The es amen could be changed
wi hou any no i ica ion. On he o he hand, i he e was a con ac , he p ope y was gi en
away a he momen o signing. The e o e he e was a high isk o mo al gaming o e en, in
ex eme cases, a c ime could be commi ed. Howe e , in he case o bo h he e was an
insol ency isk o indi idual people. Hence ins i u ional esolu ions we e wan ed. The e e se
mo gage seems o be exac ly one o such esolu ions [7]. Those a e inancial p oduc s used in
Eu ope and all o e he wo ld, which include bo h a loan o a mo gage and secu i y in he old
age (a kind o a pension sys em).
In Poland he e e se mo gage is seen as wo di e en sys ems o capi al con e sion: he so-
called selling (called also pe pe ui y), which is o e ed by mo gage unds, and a c edi (a
e e se mo gage c edi ) [1, p. 445].
55
Due o he ac ha many comme cials and ad e isemen s appea e y o en and old people
a e emp ed by hei s o ies abou an ex a income, i is impo an o emembe he necessi y
no o iden i y e ms o he pension o li e and he e e se mo gage (c edi ) as one hing.
Fi s o all, a pe pe ui y based on a li e con ac is gene ally named a e e se mo gage and i
is an exis ing p oduc . The e e se mo gage c edi is a planned p oduc . Mo eo e , he e a e
some basic di e ences be ween hei ules.
To sum up, he e e se mo gage is ha kind o c edi which we do no need o pay o du ing
ou e li e. This p oduc belongs o he amily o p oduc s called equi y elease, which means
hey enable o change he dead capi al o he es a e in o he inancial capi al. I can be used
only by people wi h p op ie a y igh s o he es a e, o h ough co-pa ne ship, pe pe ual
usu uc o coope a i e igh s. The abo e men ioned ways o igh s le he owne s ca e abou
hei p ope ies by hemsel es and hey lead o inno a o y ac i i ies.
Acco ding o i s name, he case o e e se mo gages does no o ce he clien o pay any
ins almen s o he bank; he bank pays he clien egula ly. The clien can also each he
conclusion ha i was no a good decision and in ha case he is allowed o back ack om he
con ac in 30 days. The bank will jus demand he owne o keep he es a e in ac , in a good
echnical condi ion, - pay all axes and insu e he building. The cus ome is an owne ill his
o he dea h (o a co-owne in he case o ma iage) i s/he complies wi h he e ms and
condi ions o he con ac . The bank will ake he igh o he p ope y i he hei s do no pay
o he c edi wi h i s in e es s and cha ges. The alue o he es a e will be de e mined by an
assessmen made by an adjus e and a e an ag eemen eached wi h he hei s [15]. The
e e se mo gage c edi s a e cha ac e ized by he ac ha he decision and i s alue a e
depending on he LTV ac o (in gene al, he olde he pe son is, he easie i is o ge he
c edi and he LTV amoun is highe ). The decision does no depend on c edi wo hiness, bu
on he age, p edic ed leng h o li e, alue o he es a e and he in e es a e [1, p. 447].
The pe pe ui y is di e en om he e e se mo gage c edi in he momen o he ans e o
he owne ship. Fi s o all, in he mo gage egis e he owne is he con ac ed pe son, which
means ha he hei s ha e no possibili y o ge he es a e back. They can only buy i paying he
p ice o imbe . The pe pe ui y, which is a selling kind o a e e se mo gage, is con olled by
he laws o he Ci il Code [13] and i is based on he li e con ac .
Fo he secu i y o he conce ned, he Minis y o Finance allows he c edi p omised only o
inancial ins i u ions moni o ed by he KNF. The assump ions o legisla ion we e changed
a e 2010. In 2012 he depa men o he Depu y P ime Minis e Pawlak demanded
moni o ing o ules o bo h he e e se mo gage c edi and pe pe ui y by using he same
legisla ion. I was no accep ed by he Minis y o Finance.
In Table 1 bo h p oposals a e shown, which can be compa ed wi h he esolu ions o he
mo gage unds ( he las column). The da a include he p ima y di e ences be ween he
e e se mo gage c edi and a pension o li e. A pensione who decides o sign he con ac
o he pension wi h any mo gage und will immedia ely gi e his o he p ope y igh s o he
und and will ge he pension o li e. They will s ill need o make all u ili y paymen s. In such
a case he hei s will no ha e any oppo uni y o ge he es a e. In he case o he e e se
mo gage c edi he pensione s ays he owne o he es a e o all li e, he o she will make he
u ili y paymen s, bu he hei will be able o egain he p ope y.
56
Tab. 1: The Assump ions o he Ac o Re e se Mo gage C edi
Assump ions
The Minis y o
Finance p ojec
( e e se mo gage
c edi )
The Minis y o
Economy p ojec
(amended pension
o li e)
Cu en pensions
o li e
T ans e o
p ope y igh s
A yea a e a
clien ’s dea h
a he momen o
signing he con ac
a he momen o
signing he con ac
LTV a e
(p opo ion o he
sum o es ima ed
paymen s and he
alue o he eal
es a e)
no limi s, LTV
connec ed o he
cus ome ’s age ( he
olde ones ge he
highe paymen s)
no men ioned
no s ic e ms he
elde ly can ind
highe paymen s,
( i ually LTV is 30
- 40%)
Te m o paymen s
acco ding o he
con ac ( o
example 15 yea s)
li e
li e
Requi emen o an
ins i u ion’s aking
o he es a e
bank s a us o b anch
o c edi ins i u ion
s a us CO o PLC.,
equi y highe han
50.000 €,
KNF pe mission
no equi emen
Moni o ing o KNF
yes
no
no
Possibili y o
paying o he
c edi by he hei s
Up o 12 mon hs
a e he senio ’s
dea h
no
no
Elde ly’s du ies
he same o all:
p ope y insu ance,
p ope y held in
good condi ion, all
u ili y paymen s
no men ioned
a ious, basic
condi ions a e:
p ope y held in
good condi ion, all
u ili y paymen s
Sou ce: A. P ajsna , Odw ócona hipo eka po zebna od za az, h p://www.po el.pl
The e e se mo gage c edi is a sa e p oduc han he pension o li e. The main ad an age is
ha he p ope y igh emains wi h he elde ly pe son ill his o he dea h, and he e a e some
possible ac i i ies which can be done by he hei s. Fu he mo e, he hei s can ge he
di e ence be ween he alue o he p ope y and he amoun o he c edi (only i he
di e ence is posi i e). Howe e , when he pensione does no ha e any ela i es, he su plus
will be gi en o he T easu y. Mo eo e , he e e se mo gage c edi will be used by a
p o essional subjec , moni o ed and suppo ed in a inancial way, which should be ex emely
impo an o he would-be pensione , because i can assu e pe manence o he bene i .
Du ing he legisla i e d a ing, he assump ions shown in Table 1 we e changed. In mid-
Oc obe 2013 some new assump ions we e c ea ed. The no el y in oduced was he ac ha
he bank should be obliged o gi e he cus ome an in o-shee abou he e e se mo gage
c edi no la e han se en days be o e signing he con ac . I was c ea ed as an addi ional
secu i y which should allow he senio s o hink he issue o e . Each bank mus use he same
o m o he in o-shee including desc ip ions o he c edi , ees and some in o ma ion abou
he igh s and du ies o he cus ome . I allows he clien o compa e di e en o e s. Also he
age o cus ome s was changed. P e iously i was 60 yea s, bu in e ec o consul a ion he
limi was wi hd awn. A p ospec i e legisla ion will ha e in luence on:
57
 na u al pe sons,
 hei s,
 banks, o eign banks and inancial ins i u ions pe o ming c oss-bo de ac i i ies,
 adjus e s,
 Financial Se ices Au ho i y,
 Cou o Gene al Ju isdic ion,
 solici o s.
The legisla ion in ol es he abo e men ioned subjec s and i will de ine hei unc ions. The
na u al pe sons and banks will be bo h sides o he con ac . The hei s can ake pa in
eckoning he amoun o he c edi and hey a e allowed o pay i o o pa icipa e in i . An
in e es o he adjus e s will be manda o y in he p ope y alua ion. The Financial
Supe ision Commission pe o ming supe iso y unc ions o e hei espec i e c edi
acili ies will be obliged o iden i y he p uden ial equi emen s o hem. The inc ease in he
numbe o cases deal wi h by he cou s and speci ically by he depa men s o ci il and land
egis e s will be clea ly isible. No a ies will be obliged o no i y he c edi ins i u ion in he
e en o ans e o he p ope y by he bo owe o a hi d pa y, which will be p o ided
unde he con ac , secu ing a mo gage.
The aim o he d a law is o p o ide he bene icia ies, namely he elde ly, wi h a legal ac
which comp ehensi ely egula es he se ice and c edi ing ins i u ions o p o ide e ec i e
ed ess mechanisms [16].
3 Demog aphic and Economic Condi ions o he In oduc ion o Re e se
Mo gage C edi s
On he Polish ma ke he e is a need o in oducing a e e se mo gage c edi as soon as
possible. I is being p omp ed by he economic and demog aphic ac o s - which g adually bu
mo e quickly al e he s uc u e o he Polish popula ion. Acco ding o E. Rosse , he
ans o ma ion in he age s uc u e o he popula ion means ha “ he whole o ganiza ion o
socie y and all wo king social sys ems a e smalle o g ea e ans o ma ions” [8, p. 25].
The de elopmen o new medical echnologies and diagnos ic me hods ha e imp o ed he
heal h condi ions o he Poles. As a esul , a dec ease o he dea h a e inc eases he a e age
li e expec ancy. Ex ending he li espan and he low e ili y a es con ibu e o he change o
he popula ion s uc u e. The numbe o people in he e i emen age, becomes an addi ional
bu den o he s a e budge . This causes an inc ease in he go e nmen expendi u es on heal h
ca e, bu p ima ily i leads o an inc ease in spending o he olde people in ela ion o aging.
Aging is a na u al ac , he nex s age o human li e. While aging is a p ocess, he e is no
uni e sally accep ed and applicable bounda y o aging and he old age. The beginning o he
old age shall be con ac ually 60-65 yea s o age. The “old age” means ha a pe son has
exceeded 75 yea s o age; people who ha e c ossed 90 yea s o age a e conside ed o be long-
li ed. Howe e , biologically we s a o age a e 40 yea s o age [10, p. 147]. In li e a u e
au ho s ci e a ious o ms o names o de e mine aging, which a e shown in Table 2.
Tab. 2: The Fo ms o Aging
THE FORMS OF AGING
Fo una e aging
Casual aging
Pa hological aging
p ocess wi hou any diseases
and no causes o li e limi s
associa ed wi h mino
limi a ions in e e yday li e
accele a ed by disease
Sou ce: Own elabo a ion

58
The hi d kind, he pa hological aging is he mos expensi e one. People su e ing om his
ype o aging a e hose who equi e a cons an ca e om hei ela i es o ely on help om
cen es o ca e and ea men . In addi ion o physical heal h p oblems, hey equi e
con inuously adminis e ed medica ion, ehabili a ion equipmen , d essing ma e ials, e c. Also
he lis o eimbu sed d ugs is changing yea ly o mos people. Howe e , hese changes a e
un a ou able; hey ul ima ely gene a e mo e and highe cos s o d ugs and medical supplies.
The e o e o he oldes people ha ing a modes household budge is no su icien o be able
o inance hei needs o aging. As ge ia icians es ima e, e e y hi d Pole a e 75 yea s o
age is no able o pe o m all ypes o pe sonal and household jobs o li e on hei own [10, p.
147]. Popula ion aging is one o he mos impo an economic, social and demog aphic
changes. The popula ion o he elde ly people is inc easing, because o he inc ease in li e
expec ancy and declining o bi h a es.
The decline in e ili y is a phenomenon cha ac e is ic o mode n socie ies. Among o he s, his
in ol es he p ocess o mode niza ion, changes in alues, changes in he ole o women in he
socie y, access o con acep ion and access o he educa ion sys em and he labou ma ke . In
Poland in 2007, he e ili y a e was 1.21, which was among he lowes ones in he EU-27
(cu en ly i ho e s a ound 1.3-1.4). The Eu os a epo published in Augus 2008 wa ns ha
in 2060 Poland will ha e he highes p opo ion o people o e 65 yea s in he Eu opean
Union: 36.2% (in 2006 i was 13.5%).
In combina ion wi h he s ong emig a ion o young people and he lack o immig a ion, his
si ua ion will lead o s ong popula ion declines and un a ou able s uc u al changes. An
ex emely impo an ac o o he ac ual loss in popula ion o Poland became he emig a ion
o Wes e n Eu ope a e 2004. Acco ding o he census o 2011 (CSO 2012) he numbe o
Polish emig an s ab oad o e he yea was 1.5 million, which means ha he popula ion
cu en ly li ed in Poland is al eady less han 37 million. The same da a indica e ha 200
housand. Polish esiden s o o eign coun ies a e mos ly child en unde 14 yea s o age, i
poin s o he ac se lemen mig a ions o en i e amilies [4, p. 1].
In Poland, he ci izens’ li ing condi ions a e a ied. The old people do no belong o he
bene icia ies o he Polish poli ical ans o ma ion as in hei case he e is an accumula ion o
a ious dimensions o nega i e ac o s de e mining he o e all quali y o he li e index. The
lowes quali y o li e is cha ac e ized mainly o social ca ego ies such as pensione s,
widowed, single, di o ced, olde and poo ly educa ed [2, p. 345-355].
Among households o he elde ly he e is a p edominance o he single and double, consis ing
solely o a single gene a ion. The CBOS esea ch in 2007 shows ha 38% o he people o e
60 yea s li ed alone and 36% wi h ano he olde pe son. 15% o he esponden s we e li ing
in he same household wi h hei child en, and also wi h hei g andchild en o o he people -
11%. In 2009, 66% o esponden s o he same esea ch cen e decla ed a p e e ence o an
apa men in hei own house, and occasionally hey enlis ed hei p e e ence o he help o
amily o iends [14, p.3].
The income si ua ion o he olde people indica es he le el and s uc u e o expendi u e. I is
c ucial o mee he basic needs, such as ood and housing ees. Acco ding o he sel -
assessmen subjec s in he mos disad an aged pensione s ind hemsel es, 85% o
households el i di icul o make ends mee . In addi ion, he a m pensione s had he wo s
assessmen o hei own si ua ion; 42.4% o pensione s and pe cei ed hei si ua ion as bad o
e y bad. Olde people ha e li le oppo uni y o imp o e hei li ing condi ions. Acco ding o
he Cen al S a is ical O ice in he second qua e o 2011, he ac i i y a e o people aged
60-65 yea s and o e was 6.6%. I is ue o say ha , al hough he inancial si ua ion o he
59
elde ly ends o ake up gain ul employmen , he egula ion and social p essu e a he hei
labou ma ke o elimina e he po e y [3, p. 335].
Because o ha Poland needs o adap o he equi emen s o he Eu opean Union. Ano he
eason is he poo s a e o he public inances ollowed by in e alia, he inc ease in he cos o
main aining he p ope y. I is a ec ed by an inc ease in all ees and axes le ied by he s a e
o he compulso y le ies, such as inc easing axes on pe pe ual usu uc o land, p ope y
axes, he inc ease o he p ice o insu ance policies and p ices supplied by he media. This
si ua ion ad e sely a ec s he li e si ua ion o he elde ly, and causes he sh inking o
inancial esou ces a ailable a hei disposal.
The decline in e ili y a es, emig a ion and he new model o he nuclea amily will ha e an
impac on he inc ease in he numbe o people who emain wi hou hei s. The nex esul is
jus ha i will be no pe son o gi e he p ope y. Such a si ua ion will ouch he people, who
ha e a igh o he p ope y on he one hand i will be easie o decide wha o do wi h hei
conduc , on he o he hand may be e en o ced o make a decision abou he use o capi al
accumula ed in eal es a e due o he inabili y o main ain an adequa e s anda d o li e. These
ac o s a ec he de elopmen o he e e se mo gage c edi .
Dissemina ion o a e e se mo gage is also associa ed wi h he numbe o comple ions o
mode n and a ac i ely loca ed apa men s o houses. In he u u e, hese p ope ies will be
mo e desi able om he poin o iew o he banks as a colla e al op ion o e e se
mo gages han, o example, a p ope y in an olde building o la s in blocks o la s. In
p ac ice, he easie i will lead hem in he di ec ion o o a ion o he p ope y [1, p. 447].
The housing s uc u e acco ding o he owne ship ela ions in Poland no ed be ween 2007 and
2009 also leads o op imis ic e alua ions abou he u u e o his inancial p oduc . The da a
p esen ed in Table 3 show ha 64% o he homes in 2007 belonged o indi iduals. Howe e ,
in 2009 his sha e inc eased o 70%. O e he wo yea s, 989 housand homes whose owne s
we e indi iduals we e added o he p e ious amoun .
Tab. 3: Dwellings by Owne ship Rela ions in 2007 and 2009 (in housands) a As o 31.12
Speci ica ion
2007
2009
Housing Associa ions
3,148
2,583
Municipali ies
1,157
1,063
Es ablishmen s
158
132
T easu y
65
57
TBS
68
79
Na u al Pe son
8,398
9,387
TOTAL
12,994
13,302
Sou ce: Small Polish S a is ical Yea book 2012, Cen al S a is ical O ice, p. 231
I should also be no ed ha i is he indi iduals who cons i u e he la ges sha e in he la s by
p ope y ela ions in gene al and ha his sha e is g owing. Nex o he na u al pe sons in he
s uc u e o he owne ship o he dwellings is he amoun owned by housing coope a i es.
Membe s o hei coope a i e owne ship igh s o he p emises can also bene i om he o e
o an in e ed mo gage. Such an owne ship s uc u e posi i ely con i ms ansac ions
concluded in he e e se mo gage c edi .
Conclusion
As shown in he p eceding pa ag aphs o he a icle, he e e se mo gage is an al e na i e o a
unc ioning annui y. And al hough bo h p oduc s a e a ge ed a he olde people owning
60
p ope y and designed o imp o e hei inancial si ua ion du ing hei “au umn o li e”, hey
ea p ope y igh s in a comple ely di e en way.
The e e se mo gage is an inno a ion o ou ime, a p oduc o inancial enginee ing, which
is a o m o social enginee ing. I is a kind o “in en ion”, which will equi e social
accep ance. Once deployed, i will ensu e he sa e y o bo h pa ies o he ansac ion. This
p o ec ion is e ec i e, because i will be go e ned by he p o isions o he Banking Law, and
hus supe ised by he Financial Supe ision Commission. Bo h he momen o ans e o he
p ope y as well as he sa e y conside a ions si ua e his p oduc abo e he annui y.
Cu en ly, in he absence o egula ion in he o m o he law o he e e se mo gage he e
was es ablished a niche, on he Polish ma ke , which saw he en ep eneu ( o ins ance he
Mo gage Funds) Howe e , hese s a e ins i u ions should o e a p oduc ha will be sa e,
gua an eed, and will no lead o any abuse and en e he ma ke wi h p oduc s which a e in
demanded.
As a Vice-P esiden o he Associa ion o Polish Banks, he a o ney Je zy Bańka says
“ac i i ies ca ied ou by exis ing in ou ma ke unds mo gage is a he “bo de o he law”.
The p oduc called he c edi o annui y mo gage g an ed by hese unds is based on he
egula ions con ained in he Ci il Code, ela ing o a con ac o li e. A pe son who has
en e ed in o such an ag eemen wi h he und only ecei es a pension, wi hou eal suppo
and help” [11, p. 162].
The e is a possibili y ha , in spi e o he owned land egis a ion by he sho ime he
bank up cy comes o he ins i u ion esponsible o he paymen o annui y. Tha ’s why “...
e e se mo gage can be an impo an sou ce o supplemen he household budge o e i ees
due o he le el o legal secu i y o his ansac ion om he poin o iew o he elde ly” [11,
p. 163].
Cu en ly, he e is a “good g ound” o he in oduc ion o he p oduc o he mo gage due o
demog aphic de elopmen s, namely he aging popula ion. Demog aphic epo s show ha he
numbe o people o e 65 is inc easing oge he wi h, he a e age li e expec ancy and he
wa e o emig a ion while he e ili y a e is dec easing. A longe li e is a consequence o he
gene al imp o emen o li ing condi ions and medical ca e, inc eased heal h, imp o ed sa e y
and changed li es yle leading o a mo e heal h-p omo ing way o li ing. On he one hand, he
longe li e is a eason o be happy, bu a he same ime he e is he p oblem o sol ency and
he amoun o u u e pension bene i s. Declining e ili y and p og essi e emig a ion only
wo sen he si ua ion. In addi ion, he ising cos o li ing compa ed o he indexed pension,
educes he inancial esou ces he elde ly ha e a hei disposal.
The e is also a poin ha he e e sed mo gage o annui y sligh ly imp o e he ma e ial lo o
e i ees who ac ually decide on his “business”. Unde such opinions e i ees should he e o e
conside o he ways o supplemen hei budge s, such as mo ing o smalle o cheape la s
and hen loca ing he excess unds in he deposi Ren ie [15]. Bu men ally i is no easy,
because he e is a widesp ead belie o "you can´ each an old dog new icks", because o he
ac ha , his o m imp o es hei s household inances in he o m o changes in eal es a e o
smalle o cheape , decides o a he li le olde .
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Mg . Ane a Nie upska