我國不動產逆向抵押貸款評價

The Valuation of Reverse Mortgages in Taiwan

不動產逆向抵押貸款（reverse mortgage, RM）制度已受到高度重視並漸為普及，文獻上對其可貸年金之評價亦多所探討，惟其評價內容多未論及RM借方抵押房產續住權價值，及其死亡時房產繼承權問題。對此，本文以我國RM方案為例，納入此二因素考量，重新分析RM之生存與死亡收益，進而評估RM的價值。經試算發現我國RM年金給付水準略為低估，但若放寬房產剩餘價值可供繼承，則又出現高估現象。進一步分析也發現，只要契約約定房產剩餘價值歸屬繼承人，則難免形成RM總給付期望價值超越抵押不動產價值之財務缺口。基於擴大參與目的，本研究認為我國RM制度仍可放寬單身（無法定繼承人）長者的申辦限制，參酌市場利率、房屋租金率等生活條件因素，來訂定合宜年金金額，至於RM主辦者所承擔的虧損風險再透過社福預算或保險機制來達到財務平衡。

The reverse mortgage (RM) has come into focus and has become popular in alleviating the financial strain on the government and in improving the living quality of the retiring elderly. While there is a large literature on the valuation of reverse annuity mortgages (RAMs), as yet no one has considered both the value of the house while the elderly are still living and the estate and inheritance issues. This study thus aims to reevaluate the benefits of RM both for those living and after death by including the two factors. Our financial analysis finds that the current payout level in terms of an annuity is undervalued. A further evaluation shows that the RM program may result in a financial gap for the lender as the total expected payout amount exceeding the collateral value and below the surplus value of the real estate belongs to the heir. Under the reasonable pricing formula proposed by this study, the residual risk loss could be balanced out by the social welfare budget and insurance mechanisms. Therefore, we suggest that Taiwan’s RM program could relax the application restriction due to the absence of legal heirs to the existence of legal heirs in order to include the participants.