不動產逆房貸抵押貸款為年長的住宅所有人提供了一個機制，使他們能夠以房產作抵押來獲得貸款。如果借款者和銀行的合同到期時，貸款餘額超過了房價，銀行將損失轉移給保險公司。本文以台灣的不動產逆房貸抵押貸款為研究對象，在保險費收入的現值等於預期的損失現值，保險費支出的現值與每月支付金額的現值之和等於最大貸款額度的條件下，通過模擬計算得出保險費率和每月的貸款餘額，然後算出在處置期間的損失，最終找出抵押品的最適處置時間。希望通過這樣的架構和模擬分析，能幫助保險公司最小化處置損失，提高其參與的積極性，推動不動產逆房貸抵押貸款方案在台灣的實施。

Reverse mortgages provide a mechanism for senior households to obtain loans using their house property as collateral. Banks transfer the loss to insurance company if loan balance is bigger than house value when the contract expires. Calculate the premium rate and loan balance by simulation, on the condition that present value of total premium is equal to present value of total expected claimed loss, and that sum of present value of total premium and total monthly payment is equal to the lump sum reverse mortgage payment, then calculate the loss during the disposition period to find out the optimal disposition time. We take Taiwan’s real estate as collateral, hope to minimize the collateral disposition loss by such framework and simulation analysis to lift the initiative of insurance company, and to promote application of reverse mortgage project in Taiwan.

1 Introduction..........................................................................4
2 Literature Review..................................................................6
3 The Model............................................................................8
4 Estimation Results and Analysis ........................................13
5 Conclusion..........................................................................24
6 References..........................................................................26

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