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Financiando la jubilacion con activos inmobiliarios: un analisis de caso para Mexico


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  • Carmen Hoyo
  • David Tuesta


Los activos inmobiliarios representan un ahorro importante de las familias con el que llegan a la etapa de retiro. En base a ello, las hipotecas inversas son un producto desarrollado en algunos paises como alternativa para generar flujos de ingresos liquidos durante la jubilacion. Teniendo en cuenta que los ingresos que se recibiran durante la etapa de vejez deben diversificarse a traves de diferentes fuentes de financiamiento, el presente trabajo analiza las potencialidades de la hipoteca inversa como alternativa de ingresos al retiro. El trabajo se centra en el estudio de caso de Mexico a partir de las proyecciones de la tasa de reemplazo que obtendria un pensionado por vejez, considerando solamente la pension del Instituto Mexicano del Seguro Social (IMSS), asi como incorporando una renta vitalicia proveniente de una hipoteca inversa. Mediante proyecciones realizadas con un modelo macro-actuarial se encuentra que dichas tasas podrian incrementarse en casi 45 puntos porcentuales como consecuencia de incorporar rentas vitalicias con base en los activos inmobiliarios. Este resultado refuerza el concepto de establecer no solamente politicas enfocadas en mejorar los esquemas formales de pensiones, sino tambien en facilitar los mecanismos financieros privados que permitan generar otros flujos adecuados de ingresos para la vejez a partir de otros activos.

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Bibliographic Info

Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1334.

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Length: 24 pages
Date of creation: Nov 2013
Date of revision:
Handle: RePEc:bbv:wpaper:1334

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Keywords: hipoteca inversa; pensiones; contribucion definida;

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  1. Irina A. Telyukova & Makoto Nakajima, 2011. "Reverse Mortgage Loans: A Quantitative Analysis," 2011 Meeting Papers 387, Society for Economic Dynamics.
  2. Hui Shan, 2009. "Reversing the trend: the recent expansion of the reverse mortgage market," Finance and Economics Discussion Series 2009-42, Board of Governors of the Federal Reserve System (U.S.).
  3. Javier Alonso & David Tuesta & Maria Lamuedra, 2013. "Potencialidad del desarrollo de hipotecas inversas como complemento pensionario: el caso de Chile," Working Papers 1309, BBVA Bank, Economic Research Department.
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Cited by:
  1. Willmore, Larry, 2014. "Old age pensions in Mexico: Toward universal coverage," MPRA Paper 53155, University Library of Munich, Germany.


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