近年來台灣社會呈現少子化與人口高齡化的現象，加上多數老人並沒有完善的退休規劃，反而依賴政府的救濟，使政府財政負擔越來越沉重，基於台灣高自有住宅率的特性，反向抵押貸款被視為解決老年退休資金來源的方法之一。反向抵押貸款使老年人能保有居住權並獲得一筆收入用以維持與改善生活，不僅能解決老人生活費不足與減輕政府財政負擔，對於金融機構還能同時兼顧盈利及承擔社會責任，而對於保險公司而言則是能縮小資產負債存續期間缺口。然而相比國外的相關商品，台灣的反向抵押貸款具有年金未考慮預期餘命、保有追索權、貸款期間需付息與貸款期限非終身等差異，導致其在台灣發展緩慢，因此本研究聚焦在考量長壽風險、房價波動風險與利率風險的情況下探討台灣以房養老商品加入無追索權、貸款期間不付息與終身貸款且考慮預期餘命的公平年金定價的分析。

In recent years, the phenomenon of declining birthrate and aging population has appeared in Taiwanese society, coupled with the fact that most elderly people do not have a complete retirement plan. Instead, they rely on government relief to make the government’s financial burden increasingly heavy.Based on the characteristics of high home ownership rates in Taiwan, reverse mortgages are seen as one way to address the sources of old-age retirement funding. Reverse mortgage enable older people to retain their right to reside and receive income to maintain and improve their lives. This not only solves the problem of inadequate living expenses for the elderly and reduces the financial burden on the government, but also allows financial institutions to take into account profitability and social responsibility at the same time. For insurance companies, it is possible to narrow the gap in the duration of assets and liabilities. However, compared with foreign related commodities, Taiwan’s reverse mortgages have an annuity that does not take into account the expected life, retains recourse right, requires interest payments during the loan period, and the non-lifetime period of the loan, which leads to its slow development in Taiwan. Therefore, this study focused on the analysis of Taiwan's reverse mortgages with no recourse, no interest payments during the loan period and lifetime loans, and consideration of the expected life expectancy of fair annuity pricing, considering the risks of longevity, housing price volatility and interest rate risk.

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