New Model Of Reverse Mortgage Endowment Insurance

As China entered the aging society, the elderly population living security problems got aroused widespread concern in the community. Currently social security system is still not perfect, family pension function is gradually weakening, the elderly are getting into a "housing rich, cash poor" dilemma, so a new pension came into being-"Housing Endowment."2003"reverse mortgage" insurance had been proposed in2003. In2014, we carry out a reverse mortgage endowment insurance pilot for the elderly. In decade, we met various difficulties in exploring "Housing Endowment", and now it has been re-instituted by our government. It is clearly to see that if we can find the right path of develop the pension business, then we can change the current pension status quo to some extent, and help our country out of the pension dilemma.Over the years, the necessity and feasibility of domestic scholars have been for the reverse mortgage to carry out this new pension model and estimates about the future of the real estate price movements to predict future life expectancy and older conducted research on pricing, while ignoring the bound to carry out the traditional concept of "to the Housing Endowment" business obstacles.In this paper, I have used the comparative analysis method, a typical case study method and oriented analysis and quantitative analysis. In the perspective of our insurance company, through the experience of conducting of foreign reverse mortgage business, a new housing reverse mortgage endowment insurance business came out the Mixed-Payment Reverse Mortgage Endowment Insurance. On the one hand the insurance company is set to be the main financial institutions to undertake housing reverse mortgages pension. They can make full use of their huge size of funds, complete risk prevention mechanisms and professional pension actuarial pricing advantage to protect the interests of both borrowers. On the other hand, in the original reverse mortgage actuarial pricing model, change the pension payment mode, and combine the incremental annuity payment and a one-time payment, and the recipient positioned in the elderly and their legal heirs, it can easily reduce the bound by "Housing endowment" arising from traditional moral values to some extent. So that the elderly and children are able to truly accept this pension model, and it can improve later life of the elderly, ease pressure on government pension and their children, and change the current plight of China’s pension.Chapter I introduces the research background, significance, proposes the research method, innovation and shortcomings based on the research of reverse mortgage that scholars who are at home and abroad do research on. Chapter II analysis the situation of " Housing Endowment," of the United States, Britain, Canada, and Singapore, and insight experience of enlightenment to carry out the business. Chapter III analysis the case studies of the traditional "Housing Endowment," of our country, and sums up the problem that our country should pay attention to. Chapter IV introduces the related concepts, characteristics the Mixed-Payment Reverse Mortgage Endowment Insurance. And describes the setting and the actuarial calculation of the business model assumptions and established parameters and calculation results. Chapter V analyzes the feasibility, obstacles and risks and countermeasures of the Mixed-Payment Reverse Mortgage Endowment Insurance. Chapter VI is to summarize the whole chapters, emphasis on the meaning and effect of carrying out the Mixed-Payment Reverse Mortgage Endowment Insurance by China’s insurance industry, and put forward some issues that need further discussion.