The Study on the Influential Factors of ReverseMortgage in Financial Industry

為因應老年社會所可能產生老人日常生活經濟、醫療照護、社會福利負擔等相關議題，內政部於2013年4月3日訂定『「不動產逆向抵押貸款制度試辦方案作業規定」（以房養老 幸福有保）』，以協助老人將房屋及其座落土地，轉化為按月領取之年金，提供老人經濟保障多一項選擇，安定老人生活，及能安享在宅老化之需求，作為推辦逆向抵押貸款之行政依據和規範，進而落實社會福利之目標。 本研究以金融業－供給者之立場，就文獻回顧之理論基礎、實務訪談與問卷調查方式，探討影響金融業辦理逆向抵押貸款之評估因素與因素指標，歸納為「申請人」、「不動產」、「財務可行性」、「契約」等四項評估因素，及實務訪談延伸「年齡」等二十個因素指標，建置層級架構，運用「分析層級程序法」，結合定量定性，採用專家決策分析軟體 （Expert Choice 2000版）進行問卷調查統計分析，探討銀行從業人員對影響逆向抵押貸款作業規定之因素的見解與行為特性，以建立最適之作業規定，俾予提供作為公、民營金融機構辦理評估、管理之準則。 問卷調查結果分析得知金融機構之首重專業考量在評估因素為「財務可行性」、權重為29.9﹪，約占整體權重三分之一之比例；在因素指標整體排序最高為「政府保證」10.8％，亦占平均每個權重值5﹪之兩倍，顯示金融機構以財務平衡列為經營金融商品業務遵守要務。 研究建議作業規定修訂在「申請人」方面：「不限定法定繼承人」、「意思能力喪失時之授權」；在「契約」方面：「低於損益平衡點後由政府依保險機制接辦」、「申請人或繼承人清償貸款」；在「財務」方面：「政府保證」、「再保險機制之風險分擔」等條件與規定，能為多數申請人接受、及金融機構降低財務風險，參與此具公益性金融商品；進而異業聯合經營以降低經營風險與成本，與運用衍生性金融機制，發行證券基金及移轉風險，達成在宅安養、在宅老化目標，實現高齡自在願景。Abstract For the purpose of improving the aged living circumstances and ensuring aging in home, “The Trial Program of Reverse Mortgage (Home Equity Conversion Mortgage)” has been enacted by Ministry of the Interior on April 3rd, 2013, since the coming issues of current expenses, medical care, and social welfare…etc. in the aged society, to implement Reverse Mortgage by assisting older homeowner in conversing realty to monthly paid pension. Based on the perspective of Financial Industry - the Supplier, the theories in Literature Review, depth interviews and questionnaire survey, this study adopted Analytic Hierarchy Process and applied （Expert Choice version 2000 ）to discuss the assessment factors and the indexes of the business evaluation in Reverse Mortgage the suppliers concerned. The assessment factors are summed up as “applicant”, “real estate”, “financial feasibility”, and “contract”; as for the 20 indexes of the factors which are derived by practical interviews are like “age”…etc.. On top of the conclusions, this study provides financial professionals the references of the principle of evaluation and management in Reverse Mortgage operation. Per the results of questionnaire survey, financial feasibility is the first priority of the evaluation factors financial professionals considered, which weights 29.9%. As for the indexes of factors, the Government guarantee has the highest priority, 10.8%, which is twice as weighted as other indexes. On top of the results, financial balance would be the most important condition of financial product business. This study suggests the relative operation would be focused on： 1. Applicant： unlimited heirs, authorization of unconsciousness；2. Contract： the object would be taken over by the Government when its value is lower than breakeven point, self-liquidating loan of the applicant or the heir； 3. Financial feasibility： the Government guarantee, risk sharing in reinsurance, could be accepted by most of applicants, and decrease the business risks to attract financial professionals. Reverse Mortgage could be operated by horizontal alliance and financial derivatives as well to decrease business risks and operation cost, to achieve the goal of the aged living improving and aging in home