台灣社會已近進入少子化且高齡化的社會，為了降低政府老人照護的財政負擔，活化台灣銀行與保險公司龐大的存款與保費收入，政府於民國102年引入以房養老契約。依據衛生福利部調查資料顯示，以房養老契約在台灣的接受度高且潛在商機非常可觀，然而發展至今卻成效不彰，主要原因之一在於契約設計不符合貸款人與借款人的需求。本研究目的在探討如何透過加入『無追索權』、『利息可延後支付』、『終生契約』以及『國家信用保證機制』的方式，增加雙方交易動機。本研究預計對改良後的以房養老契約提供嚴謹的評價模型架構，並使用適當的利率、死亡率與房價模型進行評價，並提供實際可行的參數校準模型。此外，目前文獻對不動產逆向抵押貸款的研究，多屬於定價研究，然而金融機構與國家信用保證機制若承作以房養老契約，將面臨利率風險、房價風險、死亡率風險等，因此為了使台灣以房養老契約能夠永續推行，本研究將在所得的評價模型架構下，進一步探討金融機構與信用保證機制如何進行利率風險管理、房價風險管理、死亡率風險管理等議題。相信本研究的成果對台灣以房養老的發展有實務與學術上的貢獻。 ;Taiwanese population has entered into a trend with more aging old men and fewer children. In order to reduce the financial burden of government for taking care of the elder men and to activate the huge money of banks’ deposit and insurance companies’ premiums, the reverse mortgages have been introduced into Taiwan in 2013. Based on data of Ministry of Health and Welfare, although the reverse mortgages have great potential business opportunities in Taiwan, the trading volume has not significantly increased since 2013. The main reason why the potential borrowers/lenders who don’t want to join the reverse mortgages is that the contract design is not in line with the needs of them. The purpose of this study is to study how to increase the trading motivations of both lenders/borrowers by adding three provisions into the reverse mortgages: "no recourse", "postponing the interest payment to the end of the contract", "lifetime contract" by adding a "national credit guarantee mechanism" into the trading system. This study intends to provide a rigorously pricing model for the new Taiwanese reverse mortgages by using appropriate interest rate models, the mortality model and the housing price model. The parameter calibration is also examined in the study.
