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

• Main Authors: Chia-Hsing Li, 黎家興
• Other Authors: 汪信君
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/23787628156203588590

碩士 === 國立臺灣大學 === 法律學研究所 === 101 === 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 of problems 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.