本研究以Szymanoski（1994）所提出的反向房屋抵押貸款保險定價模型為基礎，配合臺灣地區人口之死亡率、歷年平均房價報酬率與臺灣十年期政府公債利率等參數，計算臺灣高齡屋主可貸得金額與抵押房屋價值之比例－本金限制因子，再利用所得替代率來推估反向房屋抵押貸款可為臺灣銀髮屋主提升的退休生活所得水準，用以衡量反向房屋抵押貸款對借款人帶來的實質幫助。以我國的實證資料進行數值分析之結果顯示，反向房屋抵押貸款所帶來的所得替代率提升效果平均約為20%至80%，因此可望有效協助借款人度過退休期間的財務難關。 The paper investigates the impacts of the reverse mortgage on retirement income for the aged people in Taiwan. We use the pricing model of reverse mortgage proposed by Szymanoski (1994) to calculate the Principal Limit Factor Ratio for the loan amount that can be borrowed from reverse mortgage. We then evaluate the possible increase of the retirement income for the aged people who utilize the reverse mortgage in Taiwan. The numerical results indicate that in average reverse mortgage can help the aged people in Taiwan to increase the retirement replacement ratios about 20% to 80%. Therefore, reverse mortgage can serve as an effective tool to cope with the financial problems for the retirement.
