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The purpose of this study was to analyze the Risk and Cointegration of Housing Reverse Mortgage using VECM. The VECM included such variables as housing pension user, CD interest rate, call interest rate, risk premium, inflation rate using monthly data from July 2007 to June 2011. The major findings are as follows : 1) If the bank supply Housing Reverse Mortgage with CD loans such as short term to offer long term loan such as housing reverse mortgage, it will be faced increasing risks and Housing pension of profit margin was significantly lower than other mortgage loans. 2) Results of Cointegration of Housing Reverse Mortgage showed that there existed a long-run equilibrium. The long-run relation of CD interest rate for key variables influence showed that call interest rate and risk premium were positive impact on CD rate, but inflation rate and user were negatively effect. 3) The results of Impulse response function and error variance decomposition by VECM were found that the relation of CD and call were interact with each other sent and received. in addition, proved a significant relations each other of risk premium and CD rate. We had an opportunity to demonstrate that there existed risks of bank and HP users. If CD interest rate fluctuated, call interest rate would be one of the policy options and it is necessary for stable operation of Housing Reverse Mortgage to require additional policy considerations.