The aging society problems spread all around the world in recent years. The elders face economic impact and financial difficulties after they retired. The reverse mortgage (RM) programs are then introduced to alleviate the elders' income shortages in many countries. In this paper we propose a bi-objective stochastic programming model to evaluate the fair payment of RM programs. We use Lee-Carter model (1992), CIR-SR model (1985), and Geometric Brownian motion model to forecast mortality, interest rates, and house prices, respectively. Numerical tests and sensitivity analyses using data from Taiwan are also performed to demonstrate the valuation procedure of RM programs.