Abstract: Housing reverse mortgage is a new old-age provision model replacing the elders’assets built during their working time with cash flow so as to promote security．The article conducts ordered Probit and Logistic models to investigate the influencing factors of the intention of elderly people to participate in reverse mortgage based on a survey data obtained from Wuhan．The findings include: ( 1) the elders’monthly income has a significant negative effect on their intention of participating in reverse mortgage．( 2) Inter-generation factors have significant effects on the elders’participation intention．Specifically，children’s supports of the mortgage impose a positive effect on the elders’participation intention，while the numbers and the economic status of the children present a negative effect．( 3) Information and knowledge about the mortgage also have a significant positive effect on the elders’participation intention，as well as their ‘reinforced cognition’to the mortgage need．The empirical analyses confirm three intriguing mechanisms in the process of the willingness inducement，i．e．，the security replacement effect，the inter-generation relationship restricted effect，and the information induced effect．

Keywords:  Housing Reverse Mortgage, Security Replacement, Inter-generation Constraint, Information Inducement

摘要：  “以房养老”是将老年人在年轻时积累的存量财富置换为养老现金流的新型养老保障形式。运用武汉市中老年人的调查数据,文章实证估计了老年人“以房养老”参与意愿的影响因素,结果发现:老年人的收入状况对其“以房养老”参与意愿有显著负向影响;代际关系因素显著影响老年人“以房养老”的参与意愿,其中子女的支持态度呈正向影响,而子女数量及经济状况呈负向影响;老年人对“以房养老”政策相关信息的了解程度及其需求认知的强化特征,均对其参与意愿有显著的正向影响。结果揭示了在老年人“以房养老”意愿的生成机制中,存在着收入替代效应、代际经济契约关系的约束效应和基于信息-风险评价的需求引致效应。 

关键词: "以房养老", 保障替代, 代际约束, 信息引致