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反向房屋抵押貸款商品結構分析
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Table 3 Sensitivity Analysis for Maximum Loan Amounts
Rental Rate
Loan
Amounts
Rental
Income
Remaining
Value
Insurance
Expenses
Profits
1.0%
503,967
137,883
201,409
141,572
156,741
2.0%
414,290
252,204
203,591
120,765
129,915
3.0%
340,018
347,448
204,837
103,532
107,697
Loan Interest Spread
0%
610,796
252,204
136,999
144,747
0
0.5%
539,570
252,204
158,089
136,577
50,137
1.5%
414,290
252,204
203,591
120,765
129,915
2.5%
311,934
252,204
250,725
106,190
185,137
Upfront Premium Charge Rate
1.0%
404,480
252,204
219,326
106,169
123,989
2.0%
414,290
252,204
203,591
120,765
129,915
3.0%
422,577
252,204
189,833
135,008
135,386
Annual Premium Rate
0.50%
365,147
252,204
275,897
53,226
106,752
1.25%
414,290
252,204
203,591
120,765
129,915
2.00%
438,385
252,204
161,081
203,458
148,330
Housing Price Volatility
2.5%
489,422
252,204
105,983
138,197
152,390
7.5%
452,058
252,204
154,524
129,528
141,213
12.5%
383,384
252,204
243,741
113,594
120,670
Mortality
L-C
(1.4 times)
462,557
217,707
202,591
109,736
117,145
Lee-Carter
414,290
252,204
203,591
120,765
129,915
L-C
(0.8 times)
383,819
275,665
202,706
127,603
137,810
According to the HECM program, an upper limit exists on the actual loan amount,
known as the maximum loan amount, and the issuer can determine the actual LTV ratio,
provided that it does not exceed this limit. As a result, this study analyzes the profitability of
the mortgage issuer and insurance provider against the potential LTV ratios. Figure 1 shows
the relationship for a borrower aged 70 years old.
In practice, the loan amount is fixed when the loan is set up. The issuer must assess the
mispricing risk owing to the uncertainty of parameter values. For a scenario that assumes
maximum loan amount ($414,290 for a 70-year-old male borrower), the effect of rental rate,