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題名 反向房屋抵押貸款對於台灣退休屋主的所得提升效果之研究
作者 施博智
貢獻者 王儷玲
施博智
關鍵詞 反向房屋抵押貸款
住宅權益轉換抵押貸款
本金限制因子
Reverse Mortgage
HECM
日期 2009
上傳時間 9-May-2016 11:51:45 (UTC+8)
摘要 少子女高齡化趨勢將對工作年齡人口以及高齡人口本身帶來沉重的經濟壓力，除了及早進行退休財務規劃或是延遲退休以提高退休金累積期，籌措充足的財務資源以因應持續延長的退休期間，高齡屋主亦可透過反向房屋抵押貸款，將之前所累積的房屋權益轉換為一定形式的退休所得，藉以安享遲暮之年。
透過反向房屋抵押貸款，缺乏現金以供生活花費的老年屋主在不須定時繳交貸款本金或利息的情況下，可視自身財務狀況自由選擇貸款金額給付方式，以保障退休期間的經濟安全。
本研究以Szymanoski (1994)所建立的HECM定價模型為主要架構，旨在計算在貸款保險基金維持收支平衡的條件下，某一利率水準之特定歲數借款人所對應的本金限制因子，並求算其一次可貸金額、終身給付金額與所得替代率。在貸款利率4.72%、期初房價為$6,000,000、退休前每月薪資所得$42,018等參數假設下，65歲的男性借款人所對應的本金限制因子為0.505，在扣除相關貸款成本後，一次可貸得金額為$2,760,000、每年的終身給付金額為$194,851，申請貸款可為借款人提升的所得替代率為38.64%。因此，反向房屋抵押貸款所帶來的所得提升效果可望協助借款人度過退休期間的財務難關，以維持基本生活水平。
參考文獻 中文部份
林左裕 (2007)。不動產投資管理，智勝文化，頁392。轉引自張海琳，《經濟日報》，1999年10月25日。
鄭雅丰，提升老年經濟安全準備－反向房屋抵押貸款之應用，國立政治大學風險管理與保險學系碩士論文，2007年。
游欣霓，以房養老制度在台灣實施的可行性研究，東吳大學國際貿易學系碩士論文，2007年。
李文瑜，台灣發行反向房屋抵押貸款相關法律問題之研究，國立政治大學風險管理與保險學系碩士論文，2008年。

英文部分
A. Caplin, 2002. “Turning Assets into Cash: Problems and Prospects in The Reverse Mortgage Market”, chapter 11 in Innovations in Retirement Financing, edited by O. Mitchell, Z. Bodie, P. Hammond, and S.Zeldes, University of Pennsylvania Press.
A. Saunders and M.M. Cornett, 2006. “Financial Institutions Management-A Risk Management Approach.” 5th Edition. McGraw Hill.
B.E. Foote, 2007. “CRS Report for Congress-Reverse Mortgages: Background and Issues.” Congressional Research Service.
D.T. Rodda, C. Herbert and H.K. Lam, 2000, “Evaluation Report of FHA Home Equity Conversion Mortgage Insurance Demonstration”
E.J. Szymanoski, J.C. Enriquez, and T.R. DiVenti, “Home Equity Conversion Mortgage Terminations: Information to Enhance the Developing Secondary Market,” A Journal of Policy Development and Research, 2007, Vol. 9, Number 1.
H. Godfrey and E. Malmgren, 2006. “Going Forward with Reverse Mortgages-The Benefits and Pitfalls of Borrowing against Your Home.” Journal of Accountancy.
HECM Handbook
L.Wang, E.A.Valdez and J. Piggott, “Securitization of longevity risk in reverse mortgages,” SSRN Working paper, 2007.
O.S. Mitchell and J. Piggott, 2004. “Unlocking Housing Equity in Japan.” Journal of the Japanese and International Economies.
Rachel Ong, 2008. “Unlocking Housing Equity Through Reverse Mortgages: The Case of Elderly Homeowners in Australia.” European Journal of Housing Policy Vol. 8, No. 1, 61–79.
Ross, S.M. 1983. Stochastic Processes. John Wiley and Sons.
S.R. Merrill, F. Meryl, N.K. Kutty, “Potential Beneficiaries from Reverse Mortgage Products for Elderly Homeowners: An Analysis of American Housing Survey Data,” Journal of the American Real Estate and Urban Economics Association, 1994, Vol. 22 Issue 2, p257-299.
Scholen, K. and B. Belling, 2006. “Home Equity Conversion Mortgage (HECM) Counseling.” Neighborworks Training Institute.
Szymanoski, E.J., 1990. “The FHA Home Equity Conversion Mortgage Insurance Demonstration: A Model to Calculate Borrower Payments and Insurance Risk.” U.S. Department of Housing and Urban Development.
Szymanoski, E., 1994. “Risk and the Home Equity Conversion Mortgage.” Journal of American Real Estate Urban Economics Association 22 (2), 347–366.
T.J. Miceli and C.F. Sirmans, 1994. “Reverse Mortgages and Borrower Maintenance Risk.” Journal of American Real Estate Urban Economics Association 22 (2), 433–450.
C.J. Mayer and K.V. Simons, 1994. “Reverse Mortgages and the Liquidity of Housing Wealth.” Journal of American Real Estate Urban Economics Association 22 (2), 235–255.
Williams, 2008, “Please release me! A review of the equity release market in the UK, its potential and consumer expectations.” Council of Mortgage Lenders.
HECM Handbook

網路部份
澳紐荷蘭銀行發行的反向房屋抵押貸款商品簡介。檢自http://www.abnamroipm.com.au/reverse_mortgage/faq.asp#top
Scam Alert, The Reverse Mortgage Times。檢自http://www.reversemortgagetimes.org/pages/scamalert_01.htm
美國反向房屋抵押貸款貸款人協會(National Reverse Mortgage Lenders Association, NRMLA)，http://www.nrmla.org/
U.S. Housing Market Conditions 1st Quarter 2008, HUD。檢自http://www.huduser.org/periodicals/ushmc/spring08/ch1.pdf
美國聯邦住宅及都市發展部(HUD)，http://www.hud.gov/
The Home Keeper Mortgage Consumer Fact Sheet，檢自http://www.fanniemae.com/global/pdf/homebuyers/homekeeperstriper.pdf
現金帳戶反向房屋抵押貸款產品資訊，檢自http://www.reversemortgagesforseniors.com/rmProducts.asp#CASH_ACCOUNT_FAQs
Home Equity Income Trust Annual Report 2007，檢自http://www.homeq.ca/PDF_documents/2007_FS.pdf
CHIP 產品內容須知，檢自http://www.chip.ca/index.cfm?id=103
Reverse Mortgages 101，檢自http://www.practicepro.ca/LawPROmag/ReverseMortgagesVernon.pdf
Equity release schemes – raising money from your home，檢自http://www.moneymadeclear.fsa.gov.uk/pdfs/equity_release.pdf
SHIP發展歷史，檢自http://www.ship-ltd.org/about/history.shtml
Report on reverse mortgages, the Australian Consumers` Association，檢自http://www.choice.com.au/viewArticle.aspx?id=104312&catId=100296&tid=100008&p=1&title=Reverse+mortgages
Reverse Mortgages in Australia and New Zealand 2007, Datamonitor，檢自http://www.datamonitor.com/industries/research/?pid=DMFS1996&type=Report
Equity release products, ASIC 2005，檢自http://www.fido.gov.au/fido/fido.nsf/byheadline/Consumer+reports+and+papers?openDocument
描述 碩士
國立政治大學
風險管理與保險研究所
95358018
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095358018
資料類型 thesis
dc.contributor.advisor 王儷玲zh_TW
dc.contributor.author (Authors) 施博智zh_TW
dc.creator (作者) 施博智zh_TW
dc.date (日期) 2009en_US
dc.date.accessioned 9-May-2016 11:51:45 (UTC+8)-
dc.date.available 9-May-2016 11:51:45 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 11:51:45 (UTC+8)-
dc.identifier (Other Identifiers) G0095358018en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/94774-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險研究所zh_TW
dc.description (描述) 95358018zh_TW
dc.description.abstract (摘要) 少子女高齡化趨勢將對工作年齡人口以及高齡人口本身帶來沉重的經濟壓力，除了及早進行退休財務規劃或是延遲退休以提高退休金累積期，籌措充足的財務資源以因應持續延長的退休期間，高齡屋主亦可透過反向房屋抵押貸款，將之前所累積的房屋權益轉換為一定形式的退休所得，藉以安享遲暮之年。
透過反向房屋抵押貸款，缺乏現金以供生活花費的老年屋主在不須定時繳交貸款本金或利息的情況下，可視自身財務狀況自由選擇貸款金額給付方式，以保障退休期間的經濟安全。
本研究以Szymanoski (1994)所建立的HECM定價模型為主要架構，旨在計算在貸款保險基金維持收支平衡的條件下，某一利率水準之特定歲數借款人所對應的本金限制因子，並求算其一次可貸金額、終身給付金額與所得替代率。在貸款利率4.72%、期初房價為$6,000,000、退休前每月薪資所得$42,018等參數假設下，65歲的男性借款人所對應的本金限制因子為0.505，在扣除相關貸款成本後，一次可貸得金額為$2,760,000、每年的終身給付金額為$194,851，申請貸款可為借款人提升的所得替代率為38.64%。因此，反向房屋抵押貸款所帶來的所得提升效果可望協助借款人度過退休期間的財務難關，以維持基本生活水平。		zh_TW
dc.description.tableofcontents 第一章 緒論.................................................................................................................1
第一節 研究背景與動機............................................................................................................1
第二節 研究目的與架構............................................................................................................3
第二章 反向房屋抵押貸款商品介紹與文獻探討.....................................................6
第一節 反向房屋抵押貸款商品定義........................................................................................6
第二節 反向房屋抵押貸款之優缺點......................................................................................10
第三節 反向房屋抵押貸款機構之風險..................................................................................12
第四節 反向房屋抵押貸款借款人之風險..............................................................................15
第五節 相關文獻探討..............................................................................................................18
第三章 各國反向房屋抵押貸款之發展...................................................................21
第一節 美國反向房屋抵押貸款市場發展..............................................................................21
第二節 加拿大反向房屋抵押貸款市場發展..........................................................................31
第三節 英國反向房屋抵押貸款市場發展..............................................................................32
第四節 澳洲反向房屋抵押貸款市場發展..............................................................................35
第四章 反向房屋抵押貸款之定價模型...................................................................37
第一節 模型架構......................................................................................................................37
第二節 數值結果分析..............................................................................................................42
第三節 敏感度分析..................................................................................................................44
第五章 結論與建議...................................................................................................50
第一節 研究結論與政策建議..................................................................................................50
第二節 研究限制與未來研究建議..........................................................................................53
參考資料.....................................................................................................................54
中文部份.....................................................................................................................54
英文部分.....................................................................................................................54
網路部份.....................................................................................................................55






表目錄
表 1 台灣重要人口統計指標.....................................................................................2
表 2 一般房屋抵押貸款與反向房屋抵押貸款之比較.............................................8
表 3.1 HECM歷年貸款與借款人資料....................................................................23
表 3.2本金限制因子.................................................................................................24
表3.3 HECM各種放款形式的優缺點比較..............................................................26
表3.4美國反向房屋抵押貸款產品比較...................................................................30
表4.1房價升值率之期望值與標準差.......................................................................41
表4.2各項參數來源...................................................................................................43
表4.3 65歲男性借款人申貸計算..............................................................................44
表4.4 不同年齡與性別下，各項申貸數值計算結果..............................................45
表4.5 不同貸款利率與借款人年齡下，所對應之本金限制因子...........................46
表4.6 不同貸款利率與借款人年齡下，申辦貸款後所能增加的所得水準...........47
表4.7 不同房價報酬率期望值與標準差，所對應之本金限制因子與所得替代率.................................................................................................................................48
表4.8 不同地區，各項申貸數值計算結果..............................................................49






圖目錄
圖1 研究架構流程圖..................................................................................................5
圖2.1 一般房屋抵押貸款之房屋權益與貸款餘額變化...........................................7
圖2.2 反向房屋抵押貸款之房屋權益與貸款餘額變化….......................................7
圖2.3 三十年期的固定利率抵押貸款權益與債務之變化.......................................9
圖2.4 住宅權益轉換抵押貸款權益與債務之變化...................................................9
圖2.5 臨界風險示意圖.............................................................................................14
圖3.1 HECM歷年貸款數量......................................................................................22
圖3.2 歷年SHIP成員整體貸款金額.......................................................................33
圖3.3 澳洲反向房屋抵押貸款發行量與貸款金額.................................................35
圖4.1不同貸款利率與借款人年齡下，所對應之本金限制因子..........................46		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095358018en_US
dc.subject (關鍵詞) 反向房屋抵押貸款zh_TW
dc.subject (關鍵詞) 住宅權益轉換抵押貸款zh_TW
dc.subject (關鍵詞) 本金限制因子zh_TW
dc.subject (關鍵詞) Reverse Mortgageen_US
dc.subject (關鍵詞) HECMen_US
dc.title (題名) 反向房屋抵押貸款對於台灣退休屋主的所得提升效果之研究zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部份
林左裕 (2007)。不動產投資管理，智勝文化，頁392。轉引自張海琳，《經濟日報》，1999年10月25日。
鄭雅丰，提升老年經濟安全準備－反向房屋抵押貸款之應用，國立政治大學風險管理與保險學系碩士論文，2007年。
游欣霓，以房養老制度在台灣實施的可行性研究，東吳大學國際貿易學系碩士論文，2007年。
李文瑜，台灣發行反向房屋抵押貸款相關法律問題之研究，國立政治大學風險管理與保險學系碩士論文，2008年。

英文部分
A. Caplin, 2002. “Turning Assets into Cash: Problems and Prospects in The Reverse Mortgage Market”, chapter 11 in Innovations in Retirement Financing, edited by O. Mitchell, Z. Bodie, P. Hammond, and S.Zeldes, University of Pennsylvania Press.
A. Saunders and M.M. Cornett, 2006. “Financial Institutions Management-A Risk Management Approach.” 5th Edition. McGraw Hill.
B.E. Foote, 2007. “CRS Report for Congress-Reverse Mortgages: Background and Issues.” Congressional Research Service.
D.T. Rodda, C. Herbert and H.K. Lam, 2000, “Evaluation Report of FHA Home Equity Conversion Mortgage Insurance Demonstration”
E.J. Szymanoski, J.C. Enriquez, and T.R. DiVenti, “Home Equity Conversion Mortgage Terminations: Information to Enhance the Developing Secondary Market,” A Journal of Policy Development and Research, 2007, Vol. 9, Number 1.
H. Godfrey and E. Malmgren, 2006. “Going Forward with Reverse Mortgages-The Benefits and Pitfalls of Borrowing against Your Home.” Journal of Accountancy.
HECM Handbook
L.Wang, E.A.Valdez and J. Piggott, “Securitization of longevity risk in reverse mortgages,” SSRN Working paper, 2007.
O.S. Mitchell and J. Piggott, 2004. “Unlocking Housing Equity in Japan.” Journal of the Japanese and International Economies.
Rachel Ong, 2008. “Unlocking Housing Equity Through Reverse Mortgages: The Case of Elderly Homeowners in Australia.” European Journal of Housing Policy Vol. 8, No. 1, 61–79.
Ross, S.M. 1983. Stochastic Processes. John Wiley and Sons.
S.R. Merrill, F. Meryl, N.K. Kutty, “Potential Beneficiaries from Reverse Mortgage Products for Elderly Homeowners: An Analysis of American Housing Survey Data,” Journal of the American Real Estate and Urban Economics Association, 1994, Vol. 22 Issue 2, p257-299.
Scholen, K. and B. Belling, 2006. “Home Equity Conversion Mortgage (HECM) Counseling.” Neighborworks Training Institute.
Szymanoski, E.J., 1990. “The FHA Home Equity Conversion Mortgage Insurance Demonstration: A Model to Calculate Borrower Payments and Insurance Risk.” U.S. Department of Housing and Urban Development.
Szymanoski, E., 1994. “Risk and the Home Equity Conversion Mortgage.” Journal of American Real Estate Urban Economics Association 22 (2), 347–366.
T.J. Miceli and C.F. Sirmans, 1994. “Reverse Mortgages and Borrower Maintenance Risk.” Journal of American Real Estate Urban Economics Association 22 (2), 433–450.
C.J. Mayer and K.V. Simons, 1994. “Reverse Mortgages and the Liquidity of Housing Wealth.” Journal of American Real Estate Urban Economics Association 22 (2), 235–255.
Williams, 2008, “Please release me! A review of the equity release market in the UK, its potential and consumer expectations.” Council of Mortgage Lenders.
HECM Handbook

網路部份
澳紐荷蘭銀行發行的反向房屋抵押貸款商品簡介。檢自http://www.abnamroipm.com.au/reverse_mortgage/faq.asp#top
Scam Alert, The Reverse Mortgage Times。檢自http://www.reversemortgagetimes.org/pages/scamalert_01.htm
美國反向房屋抵押貸款貸款人協會(National Reverse Mortgage Lenders Association, NRMLA)，http://www.nrmla.org/
U.S. Housing Market Conditions 1st Quarter 2008, HUD。檢自http://www.huduser.org/periodicals/ushmc/spring08/ch1.pdf
美國聯邦住宅及都市發展部(HUD)，http://www.hud.gov/
The Home Keeper Mortgage Consumer Fact Sheet，檢自http://www.fanniemae.com/global/pdf/homebuyers/homekeeperstriper.pdf
現金帳戶反向房屋抵押貸款產品資訊，檢自http://www.reversemortgagesforseniors.com/rmProducts.asp#CASH_ACCOUNT_FAQs
Home Equity Income Trust Annual Report 2007，檢自http://www.homeq.ca/PDF_documents/2007_FS.pdf
CHIP 產品內容須知，檢自http://www.chip.ca/index.cfm?id=103
Reverse Mortgages 101，檢自http://www.practicepro.ca/LawPROmag/ReverseMortgagesVernon.pdf
Equity release schemes – raising money from your home，檢自http://www.moneymadeclear.fsa.gov.uk/pdfs/equity_release.pdf
SHIP發展歷史，檢自http://www.ship-ltd.org/about/history.shtml
Report on reverse mortgages, the Australian Consumers` Association，檢自http://www.choice.com.au/viewArticle.aspx?id=104312&catId=100296&tid=100008&p=1&title=Reverse+mortgages
Reverse Mortgages in Australia and New Zealand 2007, Datamonitor，檢自http://www.datamonitor.com/industries/research/?pid=DMFS1996&type=Report
Equity release products, ASIC 2005，檢自http://www.fido.gov.au/fido/fido.nsf/byheadline/Consumer+reports+and+papers?openDocument		zh_TW