評價可提前解約之反向房屋抵押貸款

Abstract

由於人口老化問題日益嚴重，政府針對老人醫療及社會救助負擔日益加重，為了減輕照料老年人生活起居而日益加重的財政問題，提出<以房養老>政策，將無繼承人之獨居老人不動產抵押給保險公司，協助老人取得資金供日常生活所需，以減輕扶養老人所造成的社會負擔。然而，由於利率之波動、房價之波動、以及死亡率之不確定性，將影響到房屋抵押貸款之品質，當房價高漲，會容易導致反向房貸合約結束時，房價高於被保險人積欠保險公司的累積貸款金額，多出的價值通常無人繼承而被國家收走，或是在合約中規定由保險公司取得，這些設定都對被保險人不利。為了保障被保險人權益，本文在反向房屋抵押貸款(reverse mortgage，或簡稱RM)中，加入<被保險人>擁有<提前解約選擇權>，讓被保險人於房價不斷上漲時，給予被保險人解約將累積貸款金額繳清，並將房屋取回之權利。 本篇論文主要研究在給定保險費率/可貸成數之下，計算解約選擇權存在與否對公平可貸成數/保險費率的影響—可貸成數改變可用來衡量提前解約選擇權選擇權的價值。此外，本論文也針對不同參數之變化，如房價波動度之變化、房屋租金之變化、保險費率之變化針對具有解約選擇權之RM及不具解約選擇權之RM進行敏感度分析，衡量其對公平可貸成數及保險費率的影響。

Due to the increasing seriously aging problem, the burden of elderly medical and social assistance are aggravating. In order to release the financial problems caused by aging and elderly nursing, the policy of “Housing Endowment” has been devoted with high attention by government and society, assisting elderly to maintain basic life easing the social burden. However, the volatility of interest rate, housing price and also longevity risk may seriously affect the quality when pricing the Reverse Mortgage. The house price may highly surpass the loan amount when the contract expired, which is called Net Equity, usually taken by insurance company. In order to protect rights and interests of policy holder, this paper embedded the “Cancellation Option” which is hold by the policy holder into the Reverse Mortgage. With this option, policy holder could cancel the contracts with soaring house price before expiration date, repaying loan amount and re-owning the real estate. The main gist of the paper is to identify the fair value of insurance rate/loan rate between the RM with cancellation option and no option. In addition, this paper also provide sensitive analysis towards different variables, such as volatility of housing price, house rental fee, volatility of interest rate, pricing the fair value of insurance rate/loan rate with different situation for insurance company.