The elderly population ratio in China had a continuous increasing trend in the past decade, which means that Chinese society has gradually entered an “aging society”. Lack of corresponding pension policies, huge population base and change in family structures all let the government bear huge pension pressure. The implementation of reverse mortgages in China can effectively solve this problem and alleviate the government's financial pressure. Reverse mortgage is an emerging industry in China, which is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. In order to analyze the feasibility of reverse mortgage in China, we use both quantitative and qualitative model to study the impact factors of reverse mortgage. Firstly, we build a three-party game matrix model among the government, customers (old people) and financial institutions to study how changes in different influencing factors affect the decision-making of each participant. Then, we introduce asymmetric information factors and build a two-party incomplete information game theory model between customers and financial institutions. Then, we refine the impact factors mentioned above to study the relationship among different factors and make a pricing function for financial institutions. Based on the above models, we can provide some relevant suggestions for financial institutions about how to price the annual pension amount and determine the penalty amount if the customer provide a fake health certificate. / Äldrebefolkningen i Kina har ökat stadigt under det senaste årtiondet, vilket innebär att det kinesiska samhället gradvis omvandlas till "ett åldrande samhälle". Brist på lämplig och tydlig pensionspolitik, stor befolkning och förändring i familjestrukturer leder till att regeringen bär ett stort tryck att dela ut pensionen. Genomförandet av omvändinteckning i Kina kan effektivt minska regeringens ekonomiska börda och lösa detta problem. Omvändinteckning är en växande industri i Kina som är ett lån till hemägare som är 62 år eller äldre, vilket innebär att de kan omvandla en del av deras eget kapital i sina hem till kontanter. För att analysera genomförbarheten av omvändinteckning i Kina har vi använt både kvantitativa och kvalitativa modeller för att studera de faktorer som påverkar omvändinteckning. För det första bygger vi en trepartsspel-matris modell mellan regeringen, kunderna (äldre) och de finansinstituten för att studera hur förändringar i olika faktorer påverkar beslutsfattandet för varje deltagare. Därefter introducerar vi flera asymmetriska informationsfaktorer och bygger en ofullständig tvåparti-informationsspelteori modell mellan kunderna och finansinstitutionerna. Därefter förfina vi de ovanstående konsekvensfaktorerna för att studera förhållandet mellan olika faktorer och skapa en prissättning för finansinstituten. Baserat på ovanstående modeller kan vi ge några relevanta förslag till finansinstitut om hur man prissätter det årliga pensionsbeloppet och bestämmer bötesbeloppet om kunden lämnar in ett falskt hälsointyg.

No description available.

Mortgage loan debt is prevalent among middle-aged and older Americans. With higher average outstanding balances, many people are unlikely to pay off their mortgage debt by retirement. Meanwhile, as people age, health shocks are more likely to occur. Medical expenses may compete with mortgage payments and relate to financial insecurity in later years. In order to alleviate financial strain during times of financial hardship, senior homeowners may find reverse mortgage the solution they are looking for. Targeting American adults age 50 and older, this dissertation investigates mortgage loan debt and financial security using panel data from the Health and Retirement Study. Chapter 1 provides an overview of this dissertation and three studies. Chapter 2 investigates whether retirement preparedness plays a role in mortgage status at retirement, shown here as whether a person has mortgage debt and how much the remaining balance is (Waves 2004-2014). Chapter 3 examines health impact on likelihood of paying off mortgage loans under different health conditions, with estimates on expected time to mortgage payoff (Waves 2004-2014). Chapter 4 focuses on reverse mortgages and their impact on senior borrowers’ financial satisfaction and liquidity constraint (Waves 2010-2016). Chapter 5 summarizes major findings in three studies and highlights the contribution of this dissertation toward middle-aged and older Americans’ financial security. Limitations of three studies are discussed in Chapter 6. Three studies provide evidence on 1) the importance of preparedness on reduced mortgage burden; 2) adverse impact of health shock on likelihood of mortgage payoff; and 3) using reverse mortgages to reduce financial strain and increase financial satisfaction. Implications are addressed in each study.

This thesis deals with research of interest in reverse mortgage in the Czech Republic. There is a large number of households within the population in the Czech Republic that owns their own home and still has difficulty paying the cost of securing basic household needs. The status of these people is getting worse with age. Current pension systems are unable to replace the income that people have reached in their working age. Responding to the needs of this target group is a reverse mortgage, which uses the capital stored in real estate designed to house seniors, thereby ensuring retirement.

The purpose of this research is to understand and describe the causes affecting the financial institutions’ implementation of reverse mortgage in Sweden as well as the consequences of a large scale implementation, shedding some new light upon the issue of reverse mortgages. This was done from a financial institution point of view. As existent literature in this field of research is currently small in extent, especially in a Swedish context where almost no academic literature has been written, it serves as an exploratory research. From a researcher’s point of view it could hopefully give interesting insights on how new financial products are implemented in general, shedding some light on possible difficulties that may arise during these processes. The research was designed using a qualitative research method. In order to investigate the issues presented several individuals were interviewed from different financial institutions offering various kinds of reverse mortgages in Sweden. Interviews were semi-structured and only the six financial institutions that offer reverse mortgage in Sweden were included. The findings made, as well as the interview questions, were divided into several different sections adopted from the theoretical framework so as make the research more comprehensible and stringent. Because the research design is of exploratory nature it evolved over time, as the authors did not know initially what they would find. The findings provided many interesting insights that were not thought of before. Three major themes were found that could help explain the causes affecting the financial institutions’ implementation of reverse mortgage in Sweden as well as the consequences of a large scale implementation. These themes were age, generation, mentality, macro economical factors, and financial institutions offering reverse mortgage.

[pt] A Hipoteca Reversa é um produto financeiro que pode muito útil para mutuários acima de 60 anos que possuem imóvel próprio, mas não têm renda nem liquidez. Também chamada de Reverse Mortgage, a Hipoteca Reversa é um empréstimo que proporciona liquidez ao mutuário tendo como garantia um ativo imobiliário, que reverte para o banco ao final da sua vida. Por outro lado, esse produto traz riscos para o credor, uma vez que o valor do imóvel poderá sofrer oscilação de preço durante a vigência do empréstimo, e o prazo para a reversão do imóvel dependerá do tempo de vida do mutuário, o que também é incerto. Um dos benefícios da Hipoteca Reversa para o mutuário é que o valor da dívida é limitado ao valor de venda do imóvel dado em garantia. Assim, se o valor do empréstimo exceder o preço do imóvel, devido a uma desvalorização, a dívida estará limitada ao escopo do valor do imóvel. Além disso, em alguns países o mutuário pode optar por rescindir o seu contrato de hipoteca quitando o valor da dívida, o que se torna interessante se este for menor do que o valor do imóvel. Essa característica da Hipoteca Reversa pode ser modelada como uma opção de compra do imóvel dado em garantia ao preço de exercício que é o valor da dívida. O presente estudo analisa o histórico do uso de Hipoteca Reversa no mundo e propõe um modelo de produto mais adequado para as condições brasileiras, onde é feita uma aplicação numérica que aborda diferentes casos e seus resultados, contribuindo para o aumento da compreensão das hipotecas reversas do ponto de vista do consumidor. Por fim, foi avaliado o valor da opção da Hipoteca Reversa no Brasil por meio de uma análise empírica usando o modelo de precificação por Opções Reais. / [en] The Reverse Mortgage is a financial product that can be very useful for borrowers over 60 years old who are homeowners but have neither income nor liquidity. A Reverse Mortgage is a loan that provides liquidity to the borrower with the guarantee of a real estate asset, which reverts to the bank at the end of its life. On the other hand, this product carries risks for the lender, since the value of the property may fluctuate in price during the term of the loan, and the term for the reversal of the property will depend on the life of the borrower, which is also uncertain. One of the benefits of the Reverse Mortgage for the borrower is that the value of the debt is limited to the sale value of the property given as collateral. Thus, if the value of the loan exceeds the price of the property, the debt will be limited to the scope of the property s value. In addition, in some countries, the borrower may choose to terminate his mortgage contract by paying off the debt, which is interesting if it is less than the value of the property. This characteristic of the Reverse Mortgage can be modeled as an option to purchase the property given as a guarantee at the strike price, which is the debt value. The present study analyzes the history of the use of Reverse Mortgage in the world and proposes a product model more suitable for Brazilian conditions, where a numerical application is made that addresses different cases and their results, contributing to an increase in the understanding of the reverse mortgages of the consumer point of view. Finally, the value of the Reverse Mortgage option in Brazil was assessed through an empirical analysis using the Real Options pricing model.

The first part of the dissertation examines the effects of rate regulation, compulsory insurance laws, the wealth of individuals, premiums, and claim costs on insurance affordability and insurance purchase as measured by the ratio of uninsured and underinsured motorist claims frequencies to property damage liability claim frequencies in the US personal auto insurance industry. Because regulations which are intended to let high-risk drivers purchase insurance may discourage low-risk drivers from purchasing insurance, the effect of the regulations should be examined from the perspective of both high-risk and low-risk drivers. Literature using only uninsured motorist claim data finds that the effect of rate regulation, compulsory insurance laws, and residual market is significant on insurance affordability from the perspective of high-risk drivers. However, this study using both uninsured and underinsured motorist claim data demonstrates that the effect is weaker or not significant in increasing insurance purchase in general. The second part of the dissertation tests the sustainability of the Korean reverse mortgage program, reflecting the house price indices in different regions. Literature generally uses aggregate house price indices and consequently underestimates the risks that result from more volatile individual house prices than averaged house prices. This paper predicts house price indices by region and finds that the Korean reverse mortgage program would have losses at 25th percentile or 30th percentile, in contrast to the results of the simulation using the nationwide house price index, which show that the Korean reverse mortgage program is sustainable at 95% confidence level. This paper also concludes that longevity risk is not a big concern in the reverse mortgage program as long as interest rates are low and house prices are high. However, longevity risk inflates the effect of high interest rates and low house prices on the reverse mortgage program. / Business Administration/Risk Management and Insurance

「退休」對於大多數人未來生活而言，可能會面臨嚴重的財務難題，因為退休之後可能沒有第二個機會能獲得正常的收入，而卻必須面臨退休生活之開支以及老年醫療看護之問題，因此在工作階段對於退休金的規劃設計適當與否愈顯重要，以解決老年人退休生活的經濟安全。而目前退休金籌措之來源，除有政府提供之社會保險、企業所提撥之退休金、個人所購買之商業年金保險、存款、投資收入之外，在英美等國市場上發展出一種為老年人退休生活融資的工具──反向房屋抵押貸款(Reverse Mortgage)，使老年人得以利用其房屋融資、為其取得生活所需之金錢支柱之同時，而仍保有房屋之所有權，直到老年人死亡、自願搬離或者出售房屋，而在貸款期間，並不需償還任何金錢予貸款人。 英美各國之所以發展反向房屋抵押貸款商品之主要原因，係因面臨戰後嬰兒潮之族群屆至退休年齡，使政府社會補助系統日益沉重；而且在平均餘命增加所產生一連串健康照護等問題，致退休金系統之保障可能不足情況下，於1980年代開始蓬勃發展反向房屋抵押貸款。而我國由於人口老化快速、生育率逐漸下降、退休所得適足度不足以及自有住宅率高等前提下，有發展反向房屋抵押貸款之潛力。 本研究將以美國反向房屋抵押貸款市場為基礎，分析其主要內容和借貸雙方之間的權利義務。由於台灣目前之退休市場上，還未開發反向房屋抵押貸款此種商品，若要發行此種商品，對於政府、金融機構或者是消費者，勢必是一項新的考驗，而且可能面臨以下幾個問題：反向房屋抵押是否為我國所承認之抵押權？若非，應如何因應？若反向房屋抵押貸款為我國所承認之抵押權，則抵押人之權利義務應如何調整，以保障抵押權人之利益？反向房屋抵押貸款之特性於我國適用時，借貸雙方之權利義務是否有調整之必要？若是，應如何為之？ 本研究僅針對反向房屋抵押貸款於我國發行之可行性，並未針對應由何機構發行此種商品為宜，而僅就現行民法規定作初步分析，探究反向房屋抵押貸款於我國適用時有無衝突之可能。另再比較美國及其他發行反向房屋抵押貸款之國家，相關之規範或制定內容之發展經驗，對我國具有相當之啟示且可發揮相當程度之指標性作用，可供我國未來金融實務發展上之借鏡與參考，希冀有助於我國發行反向房屋貸款時達到最佳效益。

少子女高齡化趨勢將對工作年齡人口以及高齡人口本身帶來沉重的經濟壓力，除了及早進行退休財務規劃或是延遲退休以提高退休金累積期，籌措充足的財務資源以因應持續延長的退休期間，高齡屋主亦可透過反向房屋抵押貸款，將之前所累積的房屋權益轉換為一定形式的退休所得，藉以安享遲暮之年。 透過反向房屋抵押貸款，缺乏現金以供生活花費的老年屋主在不須定時繳交貸款本金或利息的情況下，可視自身財務狀況自由選擇貸款金額給付方式，以保障退休期間的經濟安全。 本研究以Szymanoski (1994)所建立的HECM定價模型為主要架構，旨在計算在貸款保險基金維持收支平衡的條件下，某一利率水準之特定歲數借款人所對應的本金限制因子，並求算其一次可貸金額、終身給付金額與所得替代率。在貸款利率4.72%、期初房價為$6,000,000、退休前每月薪資所得$42,018等參數假設下，65歲的男性借款人所對應的本金限制因子為0.505，在扣除相關貸款成本後，一次可貸得金額為$2,760,000、每年的終身給付金額為$194,851，申請貸款可為借款人提升的所得替代率為38.64%。因此，反向房屋抵押貸款所帶來的所得提升效果可望協助借款人度過退休期間的財務難關，以維持基本生活水平。

The purposes of this study were to describe and categorize the types of clients seeking reverse mortgage counseling, and to document the growth in demand for reverse mortgage counseling from one counseling center: The USU Family Life Center - Housing and Financial Counseling Services (FLC HFC). A second purpose was to gain a better understanding of the reasons why more senior Americans are seeking reverse mortgages. A third purpose was to gain a better understanding of the retirement preparedness of current seniors seeking reverse mortgages, which could lead to improved counseling services, early retirement intervention awareness, and encourage increased pre-retirement preparation. Information was collected from 361 inactive reverse mortgage counseling files at the FLC HFC. A subset of 117 more recent and complete files was used to describe, categorize, and gain greater understanding of the clients seeking reverse mortgage counseling, their reasons for considering a reverse mortgage, and their retirement preparation. Descriptive statistics, crosstabs, ANOVAS, and frequency tables were used. Clientele were mostly Caucasian, married, and retired, and their mean age was 74 for males and 72 for females. Average annual income per client household was $29,483, ranging from $7,860 to $92,400. Most clients were mortgagors compared to homeowners with the most common reason for seeking a reverse mortgage to pay off an existing mortgage followed by increasing income. Slightly more than half (51.4%) did not obtain a reverse mortgage; of those who did, 85.7% received all or some of their funds as a lump sum. This study was unique in that it analyzed clients seeking counseling for a reverse mortgage rather than just the borrowers who originated a reverse mortgage. It also looked at their reasons for seeking the reverse mortgage. Younger clients were more likely to desire to pay off an existing forward mortgage; older clients were more likely to need increased income. The practical significance of the study's findings can be used to encourage the preparation of near-retirement adults and to encourage senior mortgagors to carefully plan the use of funds received from a reverse mortgage leading to an increase in the financial well-being of seniors.