China has started a pilot program allowing elder investors to access house-for-pension, or reverse mortgage investments. The program includes four cities -- Beijing, Shanghai, Guangzhou and Wuhan -- and will last for two years.

Under the program, an elderly homeowner could deed his house to an insurance company or bank that would determine the value of the property and the applicant’s life expectancy, and pay out a fixed amount monthly. The program has been called an innovative policy on pension reform, but many financial institutions have been reluctant to offer reverse mortgages due to uncertainties in China’s property market.