Research On The Pricing Model Of Reverse Mortgage In China

As China gradually aging society, China is facing increasing pension pressure; the use of financial mechanisms and financial products to enhance self-protection capability of elderly persons is a very feasible way. The introduction of reverse mortgage home loan products for the mitigation of the pressure of China's social pension has a very great significance. This paper developed countries for reference, especially the United States Reverse Mortgage Loan on the basis of operational experience, the development of our Reverse Mortgage loan products, in order to solve the increasingly serious pressure to do a number of pension exploratory study.In the first chapter, this paper introduces the background, purpose and significance of the research, in addition, reviews the research in this field at home and abroad.In the second chapter, in view of the reverse mortgage housing complex, involving many factors, the specific content of their paper, basic characteristics, elements and operation of process systems in areas such as detailed analysis of the housing from the theory expounded the meaning reverse mortgage, principle and operation of the law.In the third chapter, this paper is also home reverse mortgage pricing models were classified from different perspectives, using a mathematical model of the Reverse Mortgage loan pricing studies, the establishment of models for different categories of housing reverse mortgage pricing model was refinement and exploration. To meet the different needs of the situation of the elderly, need to design a wide array of multi-level differentiated products, we also establish the appropriate pricing model were studied, innovative benefits proposed increasing the amount of life annuity products and life with a large emergency payment of life annuity for life as two optimization models.In the fourth chapter, this paper established the model of the Reverse Mortgage loan with Redemption right.In the fifth chapter, the paper also collected the prices and the CPI data of Xi'an, preparation of case, based on actual case data on the same case.In the sixth chapter, according to the actuarial pricing of different payment models and the 2008 per capita disposable income of urban residents in China compared prove Reserve Mortgage Loan can greatly improve the plight of China's current pension situation facing.