老龄化趋势下住房反向抵押贷款产品的定价分析

Analysis of the Pricing of Reverse Mortgage under Aging Trend

文章首先对传统的反向抵押贷款定价进行改进优化,分别建立了对不可赎回RM合约的精算定价方法和可赎回RM合约的期权定价法;然后对两种模型下的定价结果进行了比较分析,得知考虑到寿命预期等因素的影响,相对于不可赎回RM合约,在我国可赎回RM合约更加适合投资者。

To improve optimization of traditional pricing of reverse mortgage, we establish the actuarial pricing method with non-redeemable RM contract. Besides, we establish the option pricing with re- deemable RM contract. Next we carry on the comparative analysis with the pricing result between two models, and we know that considering the influence of factors such as life expectancy, compared with the non-redeemable RM contracts, the redeemable RM contract is more suitable for investors in China.