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It has been nearly two years since the government launched reverse mortgages, a type of loan in which a homeowner can convert a portion of his or her property into cash, in four major cities. The response, however, has been lukewarm and just a few dozen retirees have signed up so far, China National Radio reported.

"The concept is totally new to China. It will take a long time for retirees to accept the idea. People with no children may welcome it."

Han Jun, public relations employee in Tianjin