| dc.description.abstract | In recent years, the phenomenon of declining birthrate and aging population has appeared in Taiwanese society, coupled with the fact that most elderly people do not have a complete retirement plan. Instead, they rely on government relief to make the government’s financial burden increasingly heavy.Based on the characteristics of high home ownership rates in Taiwan, reverse mortgages are seen as one way to address the sources of old-age retirement funding. Reverse mortgage enable older people to retain their right to reside and receive income to maintain and improve their lives. This not only solves the problem of inadequate living expenses for the elderly and reduces the financial burden on the government, but also allows financial institutions to take into account profitability and social responsibility at the same time. For insurance companies, it is possible to narrow the gap in the duration of assets and liabilities. However, compared with foreign related commodities, Taiwan’s reverse mortgages have an annuity that does not take into account the expected life, retains recourse right, requires interest payments during the loan period, and the non-lifetime period of the loan, which leads to its slow development in Taiwan. Therefore, this study focused on the analysis of Taiwan′s reverse mortgages with no recourse, no interest payments during the loan period and lifetime loans, and consideration of the expected life expectancy of fair annuity pricing, considering the risks of longevity, housing price volatility and interest rate risk. | en_US |