臺灣成為眾多高齡化國家之一，老年人的日常生活花費及醫療照護費用開銷消耗累積的存款，在沒有剩餘資產可用的情況下，將面臨退休金嚴重不足的問題。為了解決老年人有富裕資產但實為低收入者的窘境，台灣跟隨歐美的腳步推出新的退休金融商品「不動產逆向抵押貸款」。
本文假設未來台灣不動產逆向抵押貸款加入保險保費機制的情況，參考美國HECM制度計算最適續期保險費率。除了考量利率風險、房價風險、長壽風險會影響發行機構的預期損失現值等於預期保險費現值的損益平衡外，本文另外考慮契約到期後抵押品流動性風險。針對抵押品流動性風險的兩因素，延遲處置時間及處置抵押品價格波動進行三種情境分析，情境一、假設契約到期立即處置抵押品，亦即未考慮流動性風險的情況下，估算全國、台北市、新北市及高雄市的最適續期保險費率；情境二、加入抵押品流動性風險，僅考慮延遲處置時間的貸款利率成本對不同區域最適續期保險費率的影響；情境三、加入抵押品流動性風險，僅考慮處置抵押品價格波動的抵押品流動性風險對不同區域最適續期保險費率的影響。藉由三種情境分析找出台灣加入保險保費機制時，金融機構如何制定合適策略。期待本文能擴大不動產抵押房貸方案的效能，為台灣目前的方案提供關鍵資訊。

Taiwan became one of aging countries. The daily expense and health care costs of the elderly will exhaust their deposits and the elderly will face a shortage of pension issues. In order to help elderly with House-rich, Cash-poor problems, Taiwan follow the footsteps of America launched a new retirement financial products called "reverse mortgage".
We assume that Taiwan will join reverse mortgage insurance premium mechanism policy. Therefore, we refer to U.S. system called "HECM", calculating the optimal insurance premium at the breakeven point, let the present value of expected loss equal to the expected present value of insurance premium which not only consider longevity risk, interest rate risk, price risk, but also collateral liquidity risk after contract expires. Collateral liquidity risk contains two factors, the delay disposal of collateral and collateral price fluctuations. We divide into three kinds of scenario analysis. First, assuming contract expires immediately after disposing of the collateral, which is not considered liquidity risk, estimating the optimal renewal insurance premium rates. Second, we only consider the cost of the delay time on the optimum rate of renewal insurance premiums. Third, we consider collateral price fluctuations on the optimum renewal insurance premium rate. Our paper can shed light on implementation and further development of reverse mortgage plans in Taiwan.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構及流程 4
第二章 文獻探討 6
第一節 不動產逆向抵押貸款介紹 6
第二節 各國不動產逆向抵押貸款設計 8
第三節 不動產逆向抵押貸款發行機構風險 12
第四節 不動產逆向抵押貸款訂價模型 17
第五節 小結 19
第三章 研究方法 21
第一節 模型與研究方法 21
第二節 研究限制與假設 28
第四章 實證結果 30
第一節 資料來源 30
第二節 模型假設 34
第五章 結論與建議 50
參考文獻 52
附錄 55

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