年金危機時代下房貸搭配理財商品與逆抵押型貸款之探究

台灣已來到高齡化時代，國人平均壽命延長，在房價所得比與房貸負擔率逐年升高下，加上國內薪資停滯不前及各類年金危機情況下，使國人對於退休後生活感到憂心，因此政府開始鼓勵推行「以房養老」政策來解決退休族老有所終的問題。在國內銀行房屋貸款利率走低及銀行競爭環境有利於貸款人之下，故本研究探討「一般房屋貸款搭配理財商品」與「逆抵型貸款」對退休規劃的可行性。本研究透過比較「房轉人生以房養老房貸方案(C銀行)」、「債券組合方案」、「ETF、REITS與特別股組合方案」及「投資型保單方案」之預期收益，以選擇最適合退休族配置方案。本文研究結果顯示，選擇「投資型保單方案」方案，借款人身故後繼承人可領有保險金額，進而償還銀行貸款；相較「逆抵押型貸款」商品無收益性質及資產保全效果。結果說明「一般房貸搭配理財商品」雖能達到以房養老的效果，但投資人必須考量自身的理財知識與風險屬性，銀行才能給予最合適性的方案。

關鍵字

年金危機；逆向型抵押貸款；投資型保單；房屋貸款

並列摘要

As life expectancy rises, Taiwan enters the age of aging as well. However, due to the increase of home price to income ratio, burden of mortgage loans, wage stagnation and crises of various pension issues, people are worried about their lives after retirement. Therefore, the government implements reverse mortgage policy to solve the problems for the elderly. Since the decline of interest rate and the competitiveness among banks, the economic environment is beneficial for borrowers. As consequence, this study focuses on the feasibility of general housing loans with wealth management commodities and reverse mortgage for retirement planning. The study aims to help the seniors select the most suitable configuration plan through the comparison of expected returns among four plans, “House-to-Life- for-House Pension Plan (Bank C)”, “Bond Portfolio Plan”, “ETF, REITS and Special Share Portfolio Plan” and “Investment Policy Plan”. The result shows that with Investment Policy Plan option, beneficiary can receive the insured amount after the death of borrower and repay the bank loan. On the other hand, if compared with Reverse mortgage policy, the former becomes non-profitable and ineffective in asset preservation. Even though general housing loans with wealth management commodities can achieve the results in reverse mortgage policy, investors need to ponder on their risks and ability in financial management so as to get the most suitable plan from banks.