反向房屋抵押貸款商品結構分析

Structural Analysis of Reverse Mortgages

本文研究目的是在分析反向房屋抵押貸款之商品結構，以幫助承作貸款金融機構了解該商品的特性，有效管理相關風險並從中獲利。在美國HECM （Home Equity ConversionMortgage）架構下，我們將房屋期初價值拆解為可貸金額、租金收益、房屋剩餘價值、貸款機構所獲得保險保障（保險成本）、保費支出（收入）以及發行貸款金融機構利潤六個部分，並且分析各個項目的價值，以瞭解金融機構發行該商品的獲利能力與相關風險。不同於過去的文獻著重於反向房屋抵押貸款保險成本方面的探討，本研究提供了一個具體的分析方式，使得金融機構能夠評估發行該商品的預期利潤以及相關風險；另一方面，也使得借款人釐清辦理反向房屋抵押貸款後，自己所保有的權益價值。

This study analyzes the structure of reverse mortgages. For the purpose of achieving profits and effectively managing risk, 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 assess profit, and effectively recognize potential risks. Borrowers can also use the proposed approach to obtain the detailed conversion value of their property and thus make more informed decisions regarding entry into a reverse mortgage.