美國反向年金為一金融商品，目的讓所謂的房產充裕但流動性資產不足的老人，在不搬家的前提下，提用房子的淨值作為財務來源。在美國，反向年金市場已行之有年，但從1989年美國聯邦政府推出實現性質反向年金商品，成效一直不佳。直到1999年，美國公營的房屋資產轉換貸款有大幅度的成長。2003年起，每年都接近倍速成長至今。本文將探討近年來促使反向年金市場快速成長之因素；也將以貸方及借方的角度，探討反向年金所引發的社會問題，和美國政府在立法、政策與監理應有的配套措施。
本文以次級資料蒐集法和訪談法為主，藉由訪談外國學者、金融家及律師等，了解現金美國反向年金之意義、理論基礎、應用目的及實務運作概況等；其次，藉由歸納訪談內容，本研究針對反向年金在美國目前的運用情形，及現況不妥的地方，提出改善之可行性，以及未來可能面臨的問題及解決之道，提供給國外學者及金融機構參考。

Reverse mortgages are a type of home equity loan allowing house-rich, cash-poor American senior borrowers to convert a portion of the equity in their homes into cash while retaining homeownership. The non-taxable reverse mortgage funds, plus any accrued, interest, are due when the borrower dies, sells or no longer uses the home as a primary residence. This paper analyzes the American marketplace for reverse mortgages, including demographic changes, economic factors, innovations, legal and regulatory issues, and consumer expectations concerning the housing market. In 1999, reverse mortgage market experienced a boom, and have grown exponentially ever since. This paper intend to analyse the reasons gave rise to the boom, that includes actual market growth, demographics, financial mindset and increasing costs of retirement.
The making of this research paper is divided into two main categories: secondary source and interview. By interviewing participants including academic scholars, American bankers, reverse mortgage counselor and lawyer, I intend to get a more thorough understanding about the current reverse mortgage market operation, legal and regulatory conditions, psychological mindset of consumers and investors, and main risk of lenders.

Chapter One Introduction‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧1
Section I. What is a reverse mortgage?‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧1
Section II. Why now? ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧1
Section III. Literature Review‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧8
Section IV. Research Methodology‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧10
Section V. Research Structure‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧11
Section VI. Research Limitations‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧12
Chapter Two Current Market Overview‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧14
Section I. Number of Lenders and Investors‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧14
Section II. Variety of Products‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧14
Chapter Three Reverse Mortgage Elements and Issues‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧25
Section I. Reverse Mortgage Legal Considerations‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧25
Chapter Four Main Risk Factors for Reverse Mortgage Lenders‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧38
Section I. Mortality Risk‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧38
Section II. Mobility Risk‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧41
Section III. Net liquidation Value‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧44
Chapter Five Interview‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧48
Section I. Introductory to Interview Participants‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧48
Section II. Interview Scheme and Categories‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧50
Section III. Responses‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧52
Section IV. Integration and Summary‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧63
Chapter Six Conclusion and Recommendation‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧70
References‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧73
Internet Resources‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧75
Appendix
1. NRMLA Code of Ethics‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧77
2. NRMLA Lender Listings‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧78
Graphs
Graph 1-1. Total FHA HECM Endorsements‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧2
Graph 1-2. Projected Senior Population Gain‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧5
Graph 1-3. Income Source Distribution of American Seniors Aged 65 or above‧‧‧‧‧‧‧‧‧7
Graph 1-4. Senior Homeowners Own Home Free and Clear‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧8
Graph 1-5. Research Structure‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧12
Graph 2-1. FHA Insurance Coverage – Crossover Risk‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧17
Graph 4-1. Average Life Expectancy for Male and Female Seniors Aged 62 and above
in year 2004‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧41
Graph 4-2. Loan Balance Erode in Increasing LTV in Increase Appreciation Market‧‧‧45
Figures
Figure 1-1. Occupied Units with Elderly Householder (Number in thousands, weighted consistent with Census 2000) ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧4
Figure 2-1. HECMs’ Annual Production Chart (by federal fiscal year - each federal fiscal year begins October 1 and runs through September 30 of the following year) ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧16
Figure 2-2. Jumbo Loan Options Comparison‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧21
Figure 2-3. Comparison of Major Reverse Mortgage Products‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧23
Figure 5-1. SSI Eligibility Requirements‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧65
Figure 5-2. General Medicare eligibility‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧66
Tables
Table 4-1. Period Life Table (2004)‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧40
Table 4-2. Mobility Rate for U.S. Owner-Occupied Unit in 2005: 2005 to 2006 (Numbers in Thousands)‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧42
Table 4-3. General Mobility of seniors according to Labor Force Status: 2005 to 2006 (Numbers in Thousands)‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧44
Table 4-4. Top 10 Most Expensive Places to Buy in 2006 (2,200-square-foot, four-bedroom, two-car garage house)‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧46

Caplin, Andrew, 2000, “The Reverse Mortgage Market: Problems and Prospects”, forthcoming in Olivia Mitchell ed., Pension Research Council, Philadelphia, PA.

Caplin, Andrew, Sewin Chan, Charles Freeman, and Joseph Tracy, 1997, Housing Partnerships, Cambridge, Mass., MIT Press. 

Department Housing and Urban Development, 2000, No place like home: A report to congress on FHA’s home equity conversion mortgage program.

Hammond, Cecilia, 1997, “Reverse Mortgages: A Financial Planning Device for the Elderly”, chapter 10 in Reverse Mortgages: A Lawyer’s Guide to Housing and Income Alternatives, Eds. D. Bridewell and C. Nauts, 1997, American Bar Associations. 

Kee-Lee Chou, Nelson W. S. Chow and Iris Chi, 2005, “Willingness to consider applying for reverse mortgage in Hong Kong Chinese middle-aged homeowners”, Sau Po Center on Ageing, The University of Hong Kong, Pokfulam Road, Hong Kong.

Kutty, N. K., 1998, “The scope for poverty alleviation among elderly home-owners in the US through reverse mortgages”, Urban Studies 35(1), 113-130

Morse, Neil J., 2007, “Forward or reverse, mortgage lending is a people business”, Mortgage Banking Magazine, vol. 67.

Nauts, Charles, 1997, “Legal Counseling for Reverse Mortgages and Sale-Leasebacks”, chapter 3 in Reverse Mortgages: A Lawyer’s Guide to Housing and Income Alternatives, Eds. D. Bridewell and C. Nauts, American Bar Association. 

Ngee-Choon Chia and Albert K C Tsui (2004). Reverse Mortgages as Retirement Financing Instrument: An Option for “Asset-rich and Cash-poor” Singaporeans. Department of Economics, National University of Singapore, 10 Kent Ridge Crescent, Singapore 119260.

Kaplan, Richard L., 1993, “Tapping the Equity of Older Homeowners with Reverse Mortgages”, 175 Journal of Accountancy 36.

Rosenbaum David, Thomas Goren, and Laurence Jacobs, 1995, “Risk and Benefit and Structural Efficiency in Senior Home-Equity Conversion”, Walnut Creek, California, Lifetime Security Plan. 

Scholen, Kenneth, 1996, Your New Retirement Nest Egg: A Consumer Guide to the New Reverse Mortgages, Apple Valley, Minn., NCHEC Press.

Szymanoski, E., Jr. 1994. Risk and the home equity conversion mortgage. J. Amer. Real Estate Urban Econ. Assoc. 22(2), 347-366

Tse, Y. K. 1995, “Modelling reverse mortgages”, Asia Pacific Journal of Management 12(2), 79-95.

Wong, Victor, and Norma Paz-Garcia, 1999, There’s No Place Like Home: The Implications of Reverse Mortgages on Seniors in California, Consumers Union of US.
United States Department of Housing and Urban Development, 1995, Evaluation of the Home Equity Conversion Mortgage Insurance Demonstration, Washington, D.C.

Internet Resources
AARP, http://www.aarp.org/

All Language Alliance, Inc., http://www.translationforlawyers.com/

CHIP, http://www.chip.ca/

CML (Council for Mortgage Lenders), http://www.cml.org.uk/

Consumer Law and Policy Blog, http://pubcit.typepad.com/

Dennis Harber Website, http://www.dennishaber.com/

FDIC (Federal Deposit Insurance Corporation), http://www.fdic.gov/regulations/laws/

FHA HECM Mortgagee Letters, http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/

Ginnie Mae, http://www.ginniemae.gov/

Goldman Sachs, http://mba.tuck.dartmouth.edu/

HECM Resource, http://www.hecmresources.org/index.cfm/

Housing Finance Online, http://www.housingfinance.com/

La Times Blog, http://latimesblogs.latimes.com/

National Association of REALTORS, http://www.realtor.org/research/research/ecoindicator

NFCC (National Financial Credit and Counseling), http://www.nfcc.org/

New York Times, http://www.nytimes.com/

NRMLA (National Reverse Mortgage Lenders), http://www.normlaonline.org/
Reverse Mortgage “101”, http://www.wellsfargo.com/

Senate Claire McCaskill’s Website, http://mccaskill.senate.gov/

Senate Rules Committee, http://info.sen.ca.gov/pub/

United States Senate – Special Committee on Aging, http://aging.senate.gov/hearing_detail.cfm?id=296507&/

USA Today Online, http://www.usatoday.com/money/

U.S. Code Collection, http://www.law.cornell.edu/uscode/

Washington Watch, http://www.washingtonwatch.com/bills/show/110_HR-1852.html/

Wall Street Journal Online, http://online.wsj.com/public/us/