從風險管理論反向抵押商品之設計與管制

A Study on the Design and the Regulation of Reverse Mortgage from the Viewpoint of Risk Management

系所名稱：法律學研究所
學位別：碩士
畢業學年：102年
指導教授：汪信君
在人口老化與高齡化的社會趨勢中，老年人的財富管理與資產配置開始產生重大的變革。從全球近年先進國家的人口趨勢觀察，「房屋的富人與現金的窮人」(house rich and cash poor)已經成為不得不面對的問題。而台灣人因傳統的有土斯有財觀念，資產配置中以不動產佔有極大的比例，更使老年人的不動產資產靈活運用顯得相當重要。本文第二章首先針對反向抵押商品做出定義後，對於各式類型與給付方式做類型化介紹以突顯出本商品的特殊性與複雜性，並從正負因素建立起本商品的需求基礎，既有需求在我國市場上卻無此商品，可能係源自於商品開發之難度抑或管制面的限制；次而第三章自風險管理的角度切入，先利用風險評估的程序將反向抵押商品在所面臨的諸多風險加以分類，包括長壽風險、房價波動風險、利率風險、道德風險與其他風險等五大類，並再從其中的討論中點出反向抵押商品設計與管制面必須要處理的問題。第四章從放款機構設計商品的角度切入，先將各類型的反向抵押商品在我國法制下加以定性比較後選定較優的設計方向應係以抵押權為基礎，嗣後並利用風險管理的概念對於反向抵押商品之架構與流程中涉及的問題進行處理，分為風險控制、風險理財以及證券化三個層面；風險控制部分將討論契約內容所必須強化的約款，風險理財部分則會討論抵押保險與相關衍生性金融商品，最後並提出證券化在反向抵押商品中的運用可能性，並於文末提出反向抵押商品設計面的風險對策表。第五章則從管制機關的觀點出發，轉而利用公共風險管理的角度來重新審視反向抵押商品，先從政策面對此商品的性質做出管制上定位，復從發行主體、類型與對象建構起整個發行架構，並對管制政策中的重點進行討論，最後針對稅課減免、獨立鑑價、強制投保與證券化等輔助政策提出討論與建議後，並提出反向抵押商品管制面的風險對策表以及整體管制架構。本文於文末第六章之結論建議中更針對未來立法提出建議方向，冀能對未來我國市場運作反向抵押商品有所助益。

Due to the increase in life expectancies and decrease in the fertility rate, elders’ property management and wealth arrangement have changed extremely. According to the recent trend of population, the phenomenon of “house rich and cash poor” has become a vital issue. Especially, real estate is the majority of Taiwanese property ascribed to the idea “Housing is the true wealth”, so how to manipulate the real estate flexibly is more important in Taiwan than in the West.In chapter 2, this thesis will make a definition and classify all sorts of reverse mortgage (RM) based on its characteristics in order to reveal RM’s complexity. Furthermore, through a demand analysis, this thesis finds out that the main reasons why there is no similar products in Taiwan are its complexity and regulation issue. In chapter 3, from the prospective of risk management, the risk of RM can be classified into 5 types, including longevity risk, house price risk, interest rate risk, moral risk and other risk, and what kind ofproblems will be produced from these risks.In chapter 4, from the position of product designer, this thesis will divided into the field of risk control, risk finance, and risk securitization, and discuss how to set the clauses in the contract, how to combine with mortgage insurance and financial derivatives, how to adopt the method of securitization and etc. Finally, the table of risk management strategy will be showed in the end of this chapter.In chapter 5, turning to the position of regulator for the purpose of public risk management, this thesis will build a whole regulation system of RM, including the regulator, regulation policy, and finally point out a regulation graphic. In final chapter, this thesis will make some recommendations on how to develop it in Taiwan.