台灣不動產逆向抵押貸款之探討：來自社福觀點之研究

「以房養老，活多久領多久」，行政院已通過「以房養老」政策設立為政府社會福利政策的一環，只要是年滿65歲以上單身、無子女的老人，將房地產抵押給政府，按月領取固定生活費到死亡。此制度主要是針對退休後的老人，常處於有房屋卻沒有錢的狀態(House-rich, Cash-poor)，若透過實行「逆向抵押貸款(Reverse Mortgage，以下簡稱RM；亦稱為反向抵押貸款，報章雜誌常用「以房養老」稱之，本文以下採2011年官方版本之用語「不動產逆向抵押貸款制度」稱之)」，將可解決生活費的問題。建立在王健安(2009d,2010)、張金鶚(2009)等研究基礎上，以內政部2011年10月所公布具有台灣「社會福利」特色的逆向抵押貸款版本為基準，分別從「需求者：老人」、「供給者：金融機構」、「政策制訂者：社福目標」三方的角度，論述目前逆向抵押貸款方案的規劃對其效果的評估。研究結果再次驗證王健安(2009d,2010)提及RM是「補充品」，而非「替代品」的概念，亦即：一、從RM之「需求者：老人」的角度出發，觀察關鍵變數對領取年金的影響，發現房屋價值的高低具有最高的敏感度變動，而進行RM模擬試算，建立在利率水準3%、年滿65歲的老人擁有房屋價值為5百萬的情況下，所領取的年金金額每月約有13,830元，足以支應日常生活所需的費用。二、從RM之「供給者：金融機構」的角度出發，利用國內實際數據進行模擬，建立在貸款利率為4.8%、年滿65歲的老人擁有房屋價值為5百萬的情況下，所對應之貸款成數為45.16%，發現目前國內最新RM設計方案，所規定的貸款成數偏高。三、從RM之「政策制訂者」的角度出發，利用7種指標效益探討RM所給予的支出覆蓋率，建立在上述相同的假設下，發現RM可提升所得替代率、可支應商業防癌險和公營照護銀髮住宅的費用，可補充支付售後租回方案的租金和外籍看護的費用達5成以上，至於商業性長期照護險、長期照護機構則因費用較高，僅有不到5成的補充性支應，故效益不大。

關鍵字

逆向抵押貸款；貸款成數；所得替代率

並列摘要

The Reverse Mortgage (RM) policy is already by Executive Yuan.And the policy is part of the social welfare. A 65-year-old elderly with single and no children homeowners can convert their home equity into cash.This policy helps elderly with House-rich, Cash-poor solve problems. Base on the reseach of Wang (2009d, 2010) and Chang (2009), this reseach discuss respectively from demand: elderly, supply: financial institutions, government: social welfare. The mention to test and verify with the reseach of Wang (2009d, 2010) that the Reverse Mortgage is Complement or Alternativesor, not Substitutes. The results: (1) For the demand, we simulate the influence of RM ploicy. If the interest rate is 3%, a 65 years homeowner with an average housing equity level of 5,000,000 NT dollars is expected to obtain each month approximately 13,830 NT dollars. (2) For the supply, we simulate the influence of the maximum loan to value (LTV).If the intereest rate is 4.8%, a 65 years homeowner with an average housing equity level of 5,000,000 NT dollars is expected to the LTV 45.16%. (3) For the government, we use seven of indicators to measure the coverage rate of expenditure from RM annuity value. In our illustration, we assume a 65 years homeowner with an average housing equity level of 5,000,000 NT dollars, and interest rate is 3%, the monthly annuity is 13,830 NT dollars. However, the income replacement ratio is 45.91%. We also found that RM can cope with the expenditure of individual cancer insurance, live in elderly house, and the coverage rate of expenditure is more than 50%.