固定利率與指數型不動產逆向抵押貸款之比較分析A Comparison between Fixed-Rate and Adjustable-Rate Reverse Mortgages

不動產逆向抵押貸款(RM)允許年長者擁有之房屋權益轉換成現金，以支付日常生活所需，為近來以房養老諸多方案之一。本文使用2008台灣生命表之國民的平均餘命數據資料，根據性別、年齡、及模擬的房價與利率，估計最大可能的貸款成數，進而推估固定利率及指數型RM的年金水準。再者，設定不同的房貸保費結構，結合其情境模擬，從借款者角度比較兩者之月收入與總貸款成本，以判斷兩種RM對於台灣不同群組的年長者的適當性。研究結果顯示，借款者年紀越長，每月可得到的付款額也越多；且年齡低於90歲的女性，得到之每月付款額較男性為少。再者，除了95歲女性借款者外，同性別年齡之借款人，其指數型RM的每月付款額及總貸款成本，均較固定利率RM為高；而兩種RM的總貸款成本，隨著貸款之經過月數增加而下降。
關鍵詞：不動產逆向抵押貸款、固定利率不動產逆向抵押貸款、指數型不動產逆向抵押貸款、
總貸款成本率

We examine the fitness of fixed-or adjustable-rate reverse mortgages(RM) programs for various gender-age groups of retirees in Taiwan. RM programs allowsenioror retirees to exchange their house equity fora stream of level cash flows to cover their living expenses. We use the Taiwan 2008 Life Expectancy Database and simulate house prices and interest rates to estimate the annuitiesand the maximum loan to value for different gender-age groups if either RM program is adopted. While accounting for the mortgage insurance premium structure, we evaluate each RM program based upon the monthly payments the senior receive and the total annual loan costs (TALC) they pay. The results show that the elders receive more monthly payments, and female over 90 years old receive more monthly payment than the male counterparts while the reverse is true if the female are below 90. The TALC (or monthly payments) of the adjustable-rate RM is lower (are higher) than the fixedrate RM given the same gender-age group except for the female-95 group.
Key words: reverse mortgage, fixed-rate reverse mortgage, adjustable-rate reverse mortgage,
total annual loan costs