我國反向抵押貸款契約之評價：跨界風險保險、延壽及鰥寡年金

Valuation of Reverse Mortgages in Taiwan: Crossover Risk Insurance, Deferred Life Annuity, and Spouse Annuity

我國現行反向房屋抵押貸款具有明確貸款期限，且缺乏跨界風險保險之設計，銀行為確保債權，通常會在契約明定當抵押房產價值不足貸款金額時，有提前終止契約之權利。相對於美國HECM的反向抵押貸款是無追索權之終身貸款契約，我國借款人老年生活缺乏保障，在契約結束而存活時，借款人可能面臨年金給付終止且無房可住之窘境。有鑑於此，本研究在我國目前之反向抵押貸款契約架構下，加入跨界風險保險、延壽年金及鰥寡年金，並對其進行模型建構與評價。研究結果顯示，跨界風險保險與延壽年金之保費對借款人具一定吸引力，然而鰥寡年金之成本可能較高，除非是房屋價值高，否則實務上較不具可行性。若政府能夠設立外部保險機構提供上述保險，應能提高我國反向抵押貸款的市場接受度，促進我國老年經濟安全。

In Taiwan, a reverse mortgage is a loan with a specific term but without crossover risk insurance. To protect the creditor's rights, the lender can terminate the loan early when the loan amount exceeds the value of the collateral. In contrast to the United States’Home Equity Conversion Mortgage, which is a nonrecourse loan and could be whole life, the borrower in Taiwan who survives till the termination date may lose the monthly annuity payment and become homeless. Therefore, this study suggests introducing crossover risk insurance, deferred life annuity, and spouse annuity into the Taiwanese reverse mortgage contracts. We construct valuation models to calculate the cost and examine the feasibility of the proposed product design. Our numerical results indicate that crossover risk insurance and deferred life annuity are attractive to borrowers. Unless the value of collateral is high, a spouse annuity is infeasible because of its potentially high cost. Finally, a government-support external insurance company is essential to underwrite the proposed insurance; this protects the economic security of older adults and promotes the reverse mortgage market in Taiwan.