固定利率與指數型逆向抵押貸款之比較分析

A Comparison between Fixed-Rate and Adjustable-Rate Reverse Mortgages

李秉芳

指導教授 ： 林哲群

國立清華大學/科技管理學院/計量財務金融系/碩士(2010年)

摘要

台灣已經逐步邁向高齡化社會，政府對於老年人的照顧問題應特別重視。逆向抵押貸款為以房養老方案中的一種，能讓年長者擁有之房屋權益轉換成現金支付日常生活所需。本文嘗試使用台灣生命表之國民的平均餘命數據資料，根據男、女老年人不同年紀族群、模擬的房價及利率，以求得逆向抵押貸款最大可能的貸款成數。進而推估固定利率及指數型逆向抵押貸款的年金水準。再者，試圖以假設的逆向抵押貸款保險費結構，結合逆向抵押貸款模擬模型，從借款者角度比較孰之成本花費較為低廉，判斷何種型式的逆向抵押貸款適合台灣推行。
研究結果顯示，若借款者年紀越長，進而每月可得到付款額也越多。且年齡低於90歲之女性得到之每月付款額較男性為少。再者除了95歲女性借款者外，同性別年齡之借款人在指數型逆向抵押貸款情況下之每月付款額均較固定利率逆向抵押貸款為高。而無論在固定利率逆向抵押貸款或指數型逆向抵押貸款之情況下，每年全部貸款成本率隨著貸款之經過月數增加而下降。此外，除了95歲女性借款者外，在借款人之性別、年紀均相同情況下，指數型逆向抵押貸款之每年全部貸款成本率都較固定利率逆向抵押貸款為低，因此指數型逆向抵押貸款對於借款者而言總成本花費較為低廉。

關鍵字

逆向抵押貸款 ； 指數型逆向抵押貸款 ； 全部貸款成本率

並列摘要

Due to an aging society in Taiwan, we should put more emphasis on the caring issues for the elders. The reverse mortgage program is one of the solutions which let the elders be able to convert their house equity to cash to afford their ordinary living expenses. In this study, we attempt to use the life expectancy from Taiwan 2008 life table as well as simulated house price and interest rate to compute the maximum loan to value (LTV) according to different gender and age groups in Taiwan. We also calculate the annuity amount with both fixed rate reverse mortgage and adjustable rate reverse mortgage. In addition, we attempt to use reverse mortgage insurance premium structure combined with simulation model to decide which type of reverse mortgage is adequate for Taiwan. This study is expected to provide the valuable information for executing reverse mortgage program in Taiwan.
The results show that the older people can receive more monthly payment. In addition, the female above 90 years old can receive more monthly payment than male and vice versa. Furthermore, the total annual loan costs rate of adjustable rate reverse mortgage is lower than fixed rate reverse mortgage toward borrowers with the same gender and age except for the female at age of 95.

並列關鍵字

Reverse Mortgage ； Adjustable-Rate Reverse Mortgage ； Total Annual Loan Costs Rate

參考文獻

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