Research On Operation Mode And Pricing Of Housing Reverse Mortgage Under The Backgroud Of Aging In China

Our country has entered a severe aging society,but the pension gap is larger,the social endowment pressure is very heavy.And there are many "4-2-1" families at present,the elder life is hard to get a higher level of security,so a new type of pension product research has the trend and to carry out the housing reverse mortgage loan business has the vital significance.On the basis of predecessors' research results,this paper further studies the housing reverse mortgage loan business.The main parts of the business include operation models and pricing research,hoping to promote housing reverse mortgage loan in our country with large-scale implementation at an early date and boosting the development of pension.This paper introduces the background of aging in our country,clarifies the meaning of housing reverse mortgage loan business and summarizes the research achievements at home and abroad to research emphasis of this article.Then this paper expounds the related concepts of housing reverse mortgage loan and the theoretical basis,and summarizes the development of the business and product characteristics of the United States,Britain,Canada and Japan,also the business of our country pilot project is analyzed and summarized.Then,based on the above experience,we designed the operation mode of housing reverse mortgage loan in accordance with national conditions.It should be divided into three stages:introduction,growth and maturity.Then,the product was researched in pricing.This paper mainly studied the two ways of payment of one-time full payment and life annuity.After the pricing model was selected,the pricing calculation and empirical analysis were carried out,including parameter calculation,result calculation,sensitivity analysis and comparison of calculation results under different payment methods.By sensitivity test,the conclusions are as follows:with the way of one-time payment,total loans for the sensitivity of the related parameters is the strongest house depreciation rate and value growth rate,the second is the loan interest rate,the loan rate is the weakest of total loans and housing allowance for depreciation,lending rates and loan rate is inversely related to changes,and changes in house value growth rate was positively correlated;with the way of life annuity payments,the loan amount on the sensitivity of each parameter from strong to weak is loan interest rate of housing allowance for depreciation and value,risk-free interest rate,loan rate,loan amount for each year and housing allowance for depreciation,loan interest rates,lending rates are negatively correlated,and house value growth rate and the risk-free rate were positively correlated.Housing reverse mortgage loan is an innovative old-age financial product,which can not only improve the living standard of the elderly with no money,but also promote the development of related industries.Through the research,the paper draws the following conclusions:first,the implementation of housing reverse mortgage is necessary and feasible;Second,the development of reverse mortgage loan of housing needs to be divided into three stages,namely,introduction,growth and maturity.Third,we will promote the development of financial markets and old-age care.The conclusion is drawn to provide reference for the development of reverse mortgage loan business in China.It is hoped that this article will promote the in-depth study of housing reverse mortgage loan and early implementation.