摘要
住房反向抵押贷款是一种新型的住房金融产品,本文在文献综述的基础上对传统住房反向抵押贷款精算模型进行了修正,提出了基于浮动利率及变动房价的一次性支付产品和终生生存年金产品的定价模型,并利用历史数据对模型中的参数进行了估计。最后,本文采用蒙特卡洛模拟方法测算了不同年龄的借款人可以获得的贷款额度,并对利率和房价的敏感性进行了分析。结果显示,住房反向抵押贷款产品能够显著改善老年人的生活水平。
Reverse mortgage is a new financial real estate product.Based on the literatures review,this paper modifies the traditional actuarial pricing methods and brings forward a pricing model for the lump sum product and the life annuity product on a basis of float interest and fluctuant real estate price,and uses the historical data to estimate parameters of the model.In addition,this paper takes advantage of Monte Carlo simulation method to calculate the lump sum and life annuity that the olds can borrow and gives sensitivity analysis of interest and real estate price.The results show that the reverse mortgage would greatly improve the living quality of the olds.
出处
《管理评论》
CSSCI
北大核心
2010年第4期3-8,共6页
Management Review