人口結構老化、少子化現象，未來則會面臨年輕世代無法負荷快速成長的老年人口，為提供高齡者生活所需的安養資金及退休生活有一定保障，光靠政府補助不一定能抵抗高通膨的物價水準，過於依賴兒女扶養，也會讓老年人認為失去有自我尊嚴。台灣傳統有土斯有財的觀念:因此造就高自有住宅率情形，研究高齡化社會下新興商品:以房養老之研究。 本文以台灣近年推動辦理商業型不動產逆向抵押貸款各家金融機構商品的特色整理，並以上海商業儲蓄銀行契約為例。主要研究架構有三大模型:一、死亡率模型:使用Lee & Carter模型。二、房價模型:使用標準布朗運動。三、利率模型:使用cox et al.的CIR模型。 ;Because of aging population and low fertility rate, the youth cannot afford rapid growth of the elderly population in the future. In order to provide certain guarantees for the retirement life and funds needed by the elderly, government subsidies alone may not necessarily be able to hedge against inflation. In addition, senior citizen will feel losing their self-esteem when they are too dependent on their children. A traditional concept of having private land in Taiwan results in high homeownership rates. Therefore, this paper would like to study an emerging commodity, reverse mortgage, in this aging society.
This paper will summarize the feature of products regarding reverse mortgage provided by every banks, and take the contract issued by The Shanghai Commercial & Saving Bank for example. There are three models in this study. First, in mortality models, we use Lee & Carter model. Second, in housing price model, we use Brownian motion. Third, in interest rate models, we use CIR model proposed by Cox et al.