反向房屋抵押贷款商品结构分析-台大管理论丛.PDF

臺大管理論叢 2016/6 26 2 139-172 DOI: 10.6226/NTUMR.2016.JUL.R.13003 反向房屋抵押貸款商品結構分析 Structural Analysis of Reverse Mortgages 李永琮 / Yung-Tsung Lee, Assistant Professor, Department of Banking and Finance, National Chiayi University 羅玉皓 / Yu-Hao Lo, Financial Assistant, Gigastone Corporation Received 2013/1, Final revision received 2014/7 摘 要 HECM (Home Equity Conversion Mortgage) 【關鍵字 】 Abstract This study analyzes the structure of reverse mortgages. For the purpose of achieving profits and effectively managing risks, it is important that financial institutions understand the structures of their products. In accordance with the HECM (Home Equity Conversion Mortgage) program, this study decomposes the collateralized property value into six components, including loan amount, rental income, remaining value (on loan termination), reverse mortgage insurance costs and expenses (premiums), and lender profits. This allows financial institutions to understand the profitability and risks associated with the issue of reverse mortgages. Previous studies on reverse mortgages focused on the analysis of reverse mortgage insurances. This study has instead provided a process that enables lenders to specifically evaluate profit and effectively recognize potential risks. Borrowers can also use the proposed approach to obtain detailed conversion value of their property and thus make more informed decisions regarding entry into reverse mortgages. Keywords reverse mortgage, option pricing 139 壹 、前言 (Longevity Risk)