I need to find out in which countries does it exist and how does it work. (except from UK and USA)
Hello Beata, I think discussing equity release products, specifically reverse mortgages, without reference to US and to some extent UK is akin to starting a building without a foundation! This is for the fact that the US has the most developed reverse mortgage market while the UK equity release scheme is the largest in terms of volume and value across Europe.
Notwithstanding, there exist countries where financial institutions or government once tried one form of equity release product and stopped (e.g. Singapore) and others where the product is at its infancy (e.g. Australia).
You may wish to consult these articles for further detail on Australia's reverse mortgage market:
(1) Ong, R. (2008). Unlocking housing equity through reverse mortgages: The case of elderly homeowners in Australia. European Journal of Housing Policy, 8(1), 61-79.
(2) Haffner M., Ong, R. & Wood, G. A. (2013). Mortgage Equity Withdrawal by Older Australians: Recent Trends, Institutional Settings and Perspectives, European Network for Housing Research (ENHR) Conference 19 – 22 June 2013, Tarragona, Spain
(3) Ong, R. et al (2013) Available @ https://www.melbourneinstitute.com/downloads/hilda/Bibliography/Other_Publications/2013/Ong_etal_Housing_equit _withdrawal_uses_risks_and_barriers_to_alternative_mechanisms_in_later_life.pdf
Thank you Mohammed! I do not request for research about USA and UK, because I have already collected literature and reports about those markets (I totally agree that there are the most developed markets - especially USA with HECMs). I also found report about european countries: http://ec.europa.eu/finance/finservices-retail/docs/credit/equity_release_part2_en.pdf however it was conducted 7 years ago (and I need more detailed and up-to-date information). Thank you for articles about Australia and this clue about Singapore! I found them very useful.