Theoretical aspects of the formation of loan products secured by housing collateral for elderly individuals

The article examines the formation of credit products secured by housing collateral for the elderly, focusing on the unique challenges in lending to this group. It highlights age restrictions, stable income, health issues, and socioeconomic factors affecting solvency. The paper discusses loan products such as reverse mortgages and specialized mortgages, which allow older individuals to use real estate for financing. It emphasizes the risks for both borrowers and credit institutions, as well as the ethical and social concerns tied to these loans. The need for legal regulation to protect elderly borrowers’ interests is also addressed. The article stresses the importance of creating financial tools that ensure social protection and financial stability for the elderly. It argues that financial institutions and governments must collaborate to introduce innovative solutions to improve access to financial products. The social and economic benefits of mortgage programs aimed at enhancing retirees' living standards are explored, highlighting how reverse mortgages and simplified mortgage programs improve financial literacy and independence for retirees, while also considering their psychological condition. Reforms and innovations in this area can improve the quality of life for the elderly, enhancing their financial and social well-being. The involvement of financial institutions to protect the rights of elderly citizens, through innovation and reform, can boost living standards, financial independence, and social relations. In conclusion, the research suggests that updating financial products, mortgage programs, and legal frameworks will enhance the financial well-being and social security of elderly citizens.

1. Senkevich A.M. (2020) Osobennosti ipotechnyh kreditov dlja pozhilyh grazhdan // Zhurnal po jekonomike, pravu i finansam. No. 10(2). P. 55–67. (In Russian).

2. Lukashjova V.V. (2017) Finansovye produkty i ipotechnye programmy dlja pensionerov // Zhurnal po finansovomu regulirovaniju i finansovym rynkam. No. 4. P. 45–60. (In Russian).

3. Zijatdinova A.Sh. (2018) Finansovaja ustojchivost' pensionerov i ih finansovye potrebnosti // Vestnik jekonomicheskih nauk Kazahstana. No. 2(43). P. 112–118. (In Russian).

4. Semenjuk A.G. (2014) Ispol'zovanie zhiloj nedvizhimosti po tehnologii obratnoj ipoteki // Gosudarstvennaja sluzhba. No. 6(92). P. 52–56. (In Russian).

5. Kliment'eva I.S. (2020) Social'nye i jekonomicheskie aspekty ipotechnyh kreditov s obespecheniem zhil'jom dlja grazhdan pozhilogo vozrasta // Zhurnal social'noj politiki i jekonomiki. No. 7(19). P. 88–101. (In Russian).

6. Laptev A.I. (2021) Razvitie sistemy ipotechnogo kreditovanija v Kazahstane i puti ejo adaptacii dlja grazhdan pozhilogo vozrasta // Finansovye i jekonomicheskie issledovanija. No. 11(1). P. 56–70. (In Russian).

7. Bagzhanov B.A. (2017) Ipotechnoe kreditovanie v Respublike Kazahstan // Economic Review. No. 1. P. 43–51. (In Russian).

8. Budakov D.Ju. (2014) Problemy ipotechnogo kreditovanija // Den'gi i kredit. No. 9. P. 18–20. (In Russian).

9. Veremejkina V.D. (2016) Ipotechnoe kreditovanie v uslovijah krizisa: sovremennoe sostojanie i napravlenie razvitija // Bankovskie uslugi. No. 9. P. 27–31. (In Russian).

10. Tagaj A.A., Syzdykova K.S., Turalina S.M., Velesko S.E. (2024) Sostojanie i traektorii razvitija potrebitel'skogo i ipotechnogo kreditovanija v Respublike Kazahstan // Statistika, uchet i audit. No. 94. P. 114–127. (In Russian).

11. Karavaeva Ju.S. (2018) Sovremennyj rynok ipotechnogo kreditovanija i problemy ego razvitija // Vestnik NGIJeI. No. 2(81). P. 133–147. (In Russian).

12. Asanova M.Zh. (2020) Problemy i vozmozhnosti predostavlenija ipotechnyh kreditov grazhdanam pozhilogo vozrasta // Zhurnal finansovyh i finansovyh institutov. No. 8(10). P. 118–131. (In Russian).

13. Mitchell O.S., Lusardi A. (2019) Financial Literacy and the Demand for Reverse Mortgages // Journal of Pension Economics and Finance. Vol. 18(3). P. 432–449. (In English).

14. Ong R., Jefferson T., Wood G. (2020) Ageing, Households and the Equity Release Market in Australia // Housing Studies. Vol. 35(4). P. 601–620. (In English).

15. Stucki B. (2016) Can Aging in Place Be Cost-Effective? Using Reverse Mortgages to Enhance Aging Policy // Journal of Aging & Social Policy. Vol. 28(4). P. 307–323. (In English).

16. Qazaqstan Ūlttyq Bankı. URL: https://www.nationalbank.kz/ru/page/obzor-inflyacii-dkp (ötınış berılgen künı: 09.12.2024)/ (In Kazakh).

17. Oficial'nyj sajt Vsemirnogo banka. URL: https://www.worldbank.org/en/topic/financialsector. (data obrashhenija: 28.12.2024)/ (In Russian).