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題名 反向房屋抵押貸款之應用-台灣實證分析
The Application of Reverse Mortgage-Evidence from Taiwan
作者 林志銘
Lin, Alex C. M.
貢獻者 王儷玲
Wang, Jennifer L.
林志銘
Lin, Alex C. M.
關鍵詞 反向房屋抵押貸款
所得替代率
Reverse Mortgage
日期 2011
上傳時間 24-Oct-2012 16:09:44 (UTC+8)
摘要 過去國外的實證研究結果指出，反向房屋抵押貸款確實可為老年屋主帶來顯著的所得提高效果，而本文主要探討台灣地區擁有自用住宅單身老人的生活型態，並藉由對房價的估計值，計算出老年屋主若利用反向房屋抵押貸款商品後預估可獲得的所得水準，以衡量反向房屋抵押貸款能為台灣的退休屋主帶來多少經濟上的挹注。研究結果顯示，反向房屋抵押貸款對獨居的老年屋主之所得替代率，平均提升效果約為40%至140%，確實能有效改善擁有自用住宅的老年人在退休期間的財務狀況。進一步比較不同世代，結果發現對40年代出生的退休屋主而言，藉由反向房屋抵押貸款來提升退休後的所得，其效果較其他世代的屋主更為顯著。
The results of past empirical research indicate that the reverse mortgage can indeed bring a significant increase in income for elderly homeowners. This study mainly explored the lifestyle of the single elderly in Taiwan who had the house for own use, and used the estimates of house prices to calculate the estimated income level that the elderly homeowners would be at when they had purchased reverse mortgage products to measure how much economic benefit that the reverse mortgage could bring for the retired homeowners in Taiwan. The research results showed that the reverse mortgage had increased the income-replacement ratio by 40-140% averagely for the elderly homeowners living alone, effectively improving the financial situation of the elderly that had the house for own use during their retirement years. Further, the different generations were also compared, and the results found that using the reverse mortgage to increase the income at retirement showed a better effectiveness on those retired homeowners born in the 1940s than the homeowners of other generations.
參考文獻 中文部份
1. 王儷玲, 王正偉與劉文彬 (2011), 「臺灣實施反向房屋抵押貸款對提升退休所得之影響」, 《風險管理學報》, 13(1)，25-48。
2. 林祖嘉 (1992), 「台灣地區房租與房價關係之研究」, 《台灣銀行季刊》, 43(1)：279-312。
3. 李文瑜 (2008), 《台灣發行反向房屋抵押貸款相關法律問題之研究》, 政治大學風險管理與保險學系碩士論文。
4. 李如君 (1997), 《台北地區住宅租金水準之研究》, 政治大學地政研究所碩士論文。
5. 游欣霓 (2007), 《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。
6. 彭建文與花敬群 (2001), 「住宅租買選擇行為之探討-住宅服務品質差異之影響」, 《台灣土地金融季刊》, 38(4), 89-107。
7. 彭建文與張金鶚 (2000), 「預期景氣與宣告效果對房地產景氣之影響」, 《管理學報》, 17(2), 343-368。
8. 曾建穎、張金鶚與花敬群 (2005), 「不同空間、時間住宅租金與其房價關聯性之研究—台北地區之實證現象分析」,《住宅學報》, 14(2), 27-49
9. 詹維玲 (2009),「台灣生命循環消費與退休」，《台灣經濟預測與政策》, 39(1)，129-159。
10. 鄭雅丰 (2007), 《提升老年經濟安全準備－反向房屋抵押貸款之應用》, 政治大學風險管理與保險學系碩士論文。

英文部分
1. Ando, Albert, and Franco Modigliani. 1963. The `life cycle` hypothesis of saving: Aggregate implications and tests. American Economic Review 53 (1):55.
2. Banks, James, and Richard Blundell. 1998. Is There a Retirement-Savings Puzzle? American Economic Review 88 (4):769.
3. B.E. Foote, 2007. CRS Report for Congress-Reverse Mortgages: Background and Issues. Congressional Research Service.
4. Case, Bradford, and Ann B. Schnare. 1994. Preliminary Evaluation of the HECM Reverse Mortgage Program. Real Estate Economics 22 (2):301-346.
5. Costa-Font, Joan, Joan Gil, and Oscar Mascarilla. 2010. Housing Wealth and Housing Decisions in Old Age: Sale and Reversion. Housing Studies 25 (3):375-395.
6. Fratantoni, Michael. 1999. Reverse Mortgage Choices: A Theoretical and Empirical Analysis of the Borrowing Decisions of Elderly Homeowners. Journal of Housing Research 10 (2):189-208.
7. Gourinchas, Pierre-Olivier, and Jonathan A. Parker. 2002. Consumption Over the Life Cycle. Econometrica 70 (1):47-89.
8. Hamermesh, Daniel S. 1984. Consumption During Retirement: The Missing Link In The Life Cycle. Review of Economics & Statistics 66 (1):1.
9. Jacobs, Bruce, and William Weissert. 1987. Using Home Equity To Finance Long-Term Care. Journal of Health Politics, Policy and Law 12 (1):77-96.
10. Merrill, Sally R., Meryl Finkel, and Nandinee K. Kutty. 1994. Potential Beneficiaries from Reverse Mortgage Products for Elderly Homeowners: An Analysis of American Housing Survey Data. Real Estate Economics 22 (2):257-299.
11. Mitchell, Olivia S., and John Piggott. 2004. Unlocking housing equity in Japan. Journal of the Japanese and International Economies 18 (4):466-505.
12. Ong, Rachel. 2008. Unlocking Housing Equity Through Reverse Mortgages: The Case of Elderly Homeowners in Australia. International Journal of Housing Policy 8 (1):61-79.
13. Rasmussen, David W., Isaac F. Megbolugbe, and Barbara A. Morgan. 1997. The reverse mortgage as an asset management tool. Housing Policy Debate 8 (1):173-194.
14. Shiller, Robert J., and Allan N. Weiss. 2000. Moral Hazard in Home Equity Conversion. Real Estate Economics 28 (1):1-31.
15. Szymanoski, Edward J. 1994. Risk and the Home Equity Conversion Mortgage. Real Estate Economics 22 (2):347-366.
16. Tse, Y. K. 1995. Modelling reverse mortgages. Asia Pacific Journal of Management 12 (2):79-95.
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
95932253
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095932253
資料類型 thesis
dc.contributor.advisor 王儷玲zh_TW
dc.contributor.advisor Wang, Jennifer L.en_US
dc.contributor.author (Authors) 林志銘zh_TW
dc.contributor.author (Authors) Lin, Alex C. M.en_US
dc.creator (作者) 林志銘zh_TW
dc.creator (作者) Lin, Alex C. M.en_US
dc.date (日期) 2011en_US
dc.date.accessioned 24-Oct-2012 16:09:44 (UTC+8)-
dc.date.available 24-Oct-2012 16:09:44 (UTC+8)-
dc.date.issued (上傳時間) 24-Oct-2012 16:09:44 (UTC+8)-
dc.identifier (Other Identifiers) G0095932253en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54014-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 95932253zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 過去國外的實證研究結果指出，反向房屋抵押貸款確實可為老年屋主帶來顯著的所得提高效果，而本文主要探討台灣地區擁有自用住宅單身老人的生活型態，並藉由對房價的估計值，計算出老年屋主若利用反向房屋抵押貸款商品後預估可獲得的所得水準，以衡量反向房屋抵押貸款能為台灣的退休屋主帶來多少經濟上的挹注。研究結果顯示，反向房屋抵押貸款對獨居的老年屋主之所得替代率，平均提升效果約為40%至140%，確實能有效改善擁有自用住宅的老年人在退休期間的財務狀況。進一步比較不同世代，結果發現對40年代出生的退休屋主而言，藉由反向房屋抵押貸款來提升退休後的所得，其效果較其他世代的屋主更為顯著。zh_TW
dc.description.abstract (摘要) The results of past empirical research indicate that the reverse mortgage can indeed bring a significant increase in income for elderly homeowners. This study mainly explored the lifestyle of the single elderly in Taiwan who had the house for own use, and used the estimates of house prices to calculate the estimated income level that the elderly homeowners would be at when they had purchased reverse mortgage products to measure how much economic benefit that the reverse mortgage could bring for the retired homeowners in Taiwan. The research results showed that the reverse mortgage had increased the income-replacement ratio by 40-140% averagely for the elderly homeowners living alone, effectively improving the financial situation of the elderly that had the house for own use during their retirement years. Further, the different generations were also compared, and the results found that using the reverse mortgage to increase the income at retirement showed a better effectiveness on those retired homeowners born in the 1940s than the homeowners of other generations.en_US
dc.description.tableofcontents 目錄 4
表目錄 5
圖目錄 5
中文摘要 6
英文摘要 6
第一章 緒論 7
第一節 研究背景與動機 7
第二節 研究目的與架構 8
第二章 反向房屋抵押貸款商品介紹與文獻探討 10
第一節 反向房屋抵押貸款商品介紹 10
第二節 反向房屋抵押貸款的實施要件 11
第三節 各國發展反向房屋抵押貸款的經驗與文獻探討 17
第三章 台灣地區人口結構變化與退休前後所得分析 23
第一節 台灣地區人口結構的變化與影響 23
第二節 單身或僅夫妻兩人家庭退休前後所得型態 31
第四章 研究方法與實證結果 33
第一節 資料來源 33
第二節 模型架構 35
第三節 實證結果 36
第五章 結論與建議 43
參考文獻 44

表目錄
表一 各國申貸人的年齡限制及申貸資格條件標準比較表 12
表二 HECM本金限制因子 18
表三 台灣重要人口統計指標 23
表四 世界各國平均壽命 25
表五 世界各洲65歲以上高齡人口比率 25
表六 台灣近30年人口結構分析相關統計數據 28
表七 我國65歲以上老人主要經濟來源 30
表八 我國65歲以上老人認為生活費不夠用者平均每月生活費不足金額 30
表九 擁有自用住宅與無擁有自用住宅家庭的所得收入比較 31
表十 取樣年份與樣本數 34
表十一 不同世代在退休前後收入來源所佔的比重 37
表十二 計算不同世代的人之所得替代率(全體與有無自用住宅) 39
表十三 將自用住宅以反向房屋抵押貸款方式轉換下之比較 42

圖目錄
圖一 研究架構流程圖 9
圖二 出生率、死亡率及自然增加率變動趨勢－中推計 26
圖三 三階段人口年齡結構變動趨勢－中推計 29		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095932253en_US
dc.subject (關鍵詞) 反向房屋抵押貸款zh_TW
dc.subject (關鍵詞) 所得替代率zh_TW
dc.subject (關鍵詞) Reverse Mortgageen_US
dc.title (題名) 反向房屋抵押貸款之應用-台灣實證分析zh_TW
dc.title (題名) The Application of Reverse Mortgage-Evidence from Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部份
1. 王儷玲, 王正偉與劉文彬 (2011), 「臺灣實施反向房屋抵押貸款對提升退休所得之影響」, 《風險管理學報》, 13(1)，25-48。
2. 林祖嘉 (1992), 「台灣地區房租與房價關係之研究」, 《台灣銀行季刊》, 43(1)：279-312。
3. 李文瑜 (2008), 《台灣發行反向房屋抵押貸款相關法律問題之研究》, 政治大學風險管理與保險學系碩士論文。
4. 李如君 (1997), 《台北地區住宅租金水準之研究》, 政治大學地政研究所碩士論文。
5. 游欣霓 (2007), 《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。
6. 彭建文與花敬群 (2001), 「住宅租買選擇行為之探討-住宅服務品質差異之影響」, 《台灣土地金融季刊》, 38(4), 89-107。
7. 彭建文與張金鶚 (2000), 「預期景氣與宣告效果對房地產景氣之影響」, 《管理學報》, 17(2), 343-368。
8. 曾建穎、張金鶚與花敬群 (2005), 「不同空間、時間住宅租金與其房價關聯性之研究—台北地區之實證現象分析」,《住宅學報》, 14(2), 27-49
9. 詹維玲 (2009),「台灣生命循環消費與退休」，《台灣經濟預測與政策》, 39(1)，129-159。
10. 鄭雅丰 (2007), 《提升老年經濟安全準備－反向房屋抵押貸款之應用》, 政治大學風險管理與保險學系碩士論文。

英文部分
1. Ando, Albert, and Franco Modigliani. 1963. The `life cycle` hypothesis of saving: Aggregate implications and tests. American Economic Review 53 (1):55.
2. Banks, James, and Richard Blundell. 1998. Is There a Retirement-Savings Puzzle? American Economic Review 88 (4):769.
3. B.E. Foote, 2007. CRS Report for Congress-Reverse Mortgages: Background and Issues. Congressional Research Service.
4. Case, Bradford, and Ann B. Schnare. 1994. Preliminary Evaluation of the HECM Reverse Mortgage Program. Real Estate Economics 22 (2):301-346.
5. Costa-Font, Joan, Joan Gil, and Oscar Mascarilla. 2010. Housing Wealth and Housing Decisions in Old Age: Sale and Reversion. Housing Studies 25 (3):375-395.
6. Fratantoni, Michael. 1999. Reverse Mortgage Choices: A Theoretical and Empirical Analysis of the Borrowing Decisions of Elderly Homeowners. Journal of Housing Research 10 (2):189-208.
7. Gourinchas, Pierre-Olivier, and Jonathan A. Parker. 2002. Consumption Over the Life Cycle. Econometrica 70 (1):47-89.
8. Hamermesh, Daniel S. 1984. Consumption During Retirement: The Missing Link In The Life Cycle. Review of Economics & Statistics 66 (1):1.
9. Jacobs, Bruce, and William Weissert. 1987. Using Home Equity To Finance Long-Term Care. Journal of Health Politics, Policy and Law 12 (1):77-96.
10. Merrill, Sally R., Meryl Finkel, and Nandinee K. Kutty. 1994. Potential Beneficiaries from Reverse Mortgage Products for Elderly Homeowners: An Analysis of American Housing Survey Data. Real Estate Economics 22 (2):257-299.
11. Mitchell, Olivia S., and John Piggott. 2004. Unlocking housing equity in Japan. Journal of the Japanese and International Economies 18 (4):466-505.
12. Ong, Rachel. 2008. Unlocking Housing Equity Through Reverse Mortgages: The Case of Elderly Homeowners in Australia. International Journal of Housing Policy 8 (1):61-79.
13. Rasmussen, David W., Isaac F. Megbolugbe, and Barbara A. Morgan. 1997. The reverse mortgage as an asset management tool. Housing Policy Debate 8 (1):173-194.
14. Shiller, Robert J., and Allan N. Weiss. 2000. Moral Hazard in Home Equity Conversion. Real Estate Economics 28 (1):1-31.
15. Szymanoski, Edward J. 1994. Risk and the Home Equity Conversion Mortgage. Real Estate Economics 22 (2):347-366.
16. Tse, Y. K. 1995. Modelling reverse mortgages. Asia Pacific Journal of Management 12 (2):79-95.		zh_TW