随机利率下住房反向抵押贷款的定价与应用

文章基于考虑老年人对养老金的需求不断增大,以及养老保障应具备抵御通货膨胀的能力等事实,运用精算法对传统的住房反向抵押贷款的定价模型进行了推广和改进,建立了联合随机利率下包含房价变动和房产折旧等影响因素的终身给付的住房反向抵押贷款定价模型,给出了多种支付方式下的定价公式及其近似公式,并通过一组实例验证了模型的正确性和合理性,为贷款机构制定住房反向抵押贷款价格提供了一定的依据。

Pricing and applying of housing reverse mortgage under stochastic interest rate

This paper considers the facts that older the old people to the pension demand is bigger,and the old-age security should have the ability to resist inflation,uses actuarial method to extend and improve the traditional pricing model of housing reverse mortgage,establishes the pricing model of the lifelong payment housing reverse mortgage which contains house prices change,house property depreciation,and other factors,under an united stochastic interest rate model.We get pricing formulas and their approximate formulas of much type of payment.Through a series of examples,the validity and the rationality of the model are proved,which offers determinate foundation for finance organization to institute the price of the house reverse mortgage.