The Application of Reverse Mortgages in Ageing Society

Abstract

人口老化及低生育率已是全世界各國共同的現象，平均壽命隨著經濟發展所帶來醫療及居住環境之改善而快速延長中，退休準備不足因此成為一個嚴重且急迫的議題，具有高可取得性的反向房屋抵押貸款是除了國民年金、企業退休金、個人儲蓄等一般之退休來源之外的一個新的選擇。本研究探討金融機構在發行反向房屋抵押貸款商品或是政府提供反向房屋抵押貸款商品之保證保險時所承受的風險，研究結果顯示性別與年齡、貸款利率、房價報酬率、房價標準差和可貸款額度對反向房屋抵押貸款之保險人或發行機構之風險都有顯著的影響。因此，金融機構在發行反向房屋抵押貸款商品或是政府提供反向房屋抵押貸款商品之保證保險時，若缺乏適當的風險控管，可能會產生高額的損失。

Due to the low mortality rates and decreased fertility, as well as the subsequent increased aging problems, insufficient pensions have become a worldwide serious issue. In addition to traditional resources, such as public and private pensions, commercial annuities, individual savings and investments, reverse mortgages provide a new resource option for retirement. We investigate the application of reverse mortgages to retirement and analyze the risk for both governments and financial institutions of issuing reverse mortgage products. Numerical results show that gender, age, loan rate, the return of house price, and the maximum loan amount have significant impact on the risk of issuing reverse mortgages. These factors are very sensitive to the loss distributions of reverse mortgages, therefore risk management is a crucial means for governments and financial institutions to control the risk of reverse mortgages to avoid huge losses.