Abstract:
The introduction of Home Equity Conversion Scheme in the public and private
sectors has broadened the housing options for older people. The schemes provide
a method to convert the equity in their home into some other usable form. The
home owner still has the right to occupy the house. Due to this characteristic, the
scheme tends has potential to provide economic resources to aged home owners
who are asset rich, but income poor.
The aim of this study is to examine the potential of the scheme as housing option
for low income aged home owners. The perceptions of aged home owners about
this scheme are examined and related with their marital status, age, income and
living arrangements. The study concludes that home ownership is placed in the
highest value among the elderly, particularly those who live in a family household.
As a result, the schemes are not popular amongst the older population. However,
due to the increasing incidence of older lone person households, the potential of
the scheme as a housing option for those groups of population may increase in the
future
