| Abstract: | 美國反向年金為一金融商品，目的讓所謂的房產充裕但流動性資產不足的老人，在不搬家的前提下，提用房子的淨值作為財務來源。在美國，反向年金市場已行之有年，但從1989年美國聯邦政府推出實現性質反向年金商品，成效一直不佳。直到1999年，美國公營的房屋資產轉換貸款有大幅度的成長。2003年起，每年都接近倍速成長至今。本文將探討近年來促使反向年金市場快速成長之因素；也將以貸方及借方的角度，探討反向年金所引發的社會問題，和美國政府在立法、政策與監理應有的配套措施。
本文以次級資料蒐集法和訪談法為主，藉由訪談外國學者、金融家及律師等，了解現金美國反向年金之意義、理論基礎、應用目的及實務運作概況等；其次，藉由歸納訪談內容，本研究針對反向年金在美國目前的運用情形，及現況不妥的地方，提出改善之可行性，以及未來可能面臨的問題及解決之道，提供給國外學者及金融機構參考。
Reverse mortgages are a type of home equity loan allowing house-rich, cash-poor American senior borrowers to convert a portion of the equity in their homes into cash while retaining homeownership. The non-taxable reverse mortgage funds, plus any accrued, interest, are due when the borrower dies, sells or no longer uses the home as a primary residence. This paper analyzes the American marketplace for reverse mortgages, including demographic changes, economic factors, innovations, legal and regulatory issues, and consumer expectations concerning the housing market. In 1999, reverse mortgage market experienced a boom, and have grown exponentially ever since. This paper intend to analyse the reasons gave rise to the boom, that includes actual market growth, demographics, financial mindset and increasing costs of retirement.
The making of this research paper is divided into two main categories: secondary source and interview. By interviewing participants including academic scholars, American bankers, reverse mortgage counselor and lawyer, I intend to get a more thorough understanding about the current reverse mortgage market operation, legal and regulatory conditions, psychological mindset of consumers and investors, and main risk of lenders. |
