「以房養老」逆向抵押貸款商業模式之探討

Abstract

依內政部推估，台灣65歲以上人口所占比例，將於民國106年達14%，達到聯合國所稱「高齡社會」的標準，預估於民國114年，老年人口比例將達20.1%，正式邁入超高齡社會。為了解決越來越多老人在經濟安全上的需求，內政部從民國102年起，開始推辦所謂的「不動產逆向抵押制度」試辦方案，也就是俗稱的「以房養老」。面對少子化及老年化社會，國人該思考的問題：老年人的現金流規劃，首要應放在健康照護，而不是支援兒女，及早擬定退休生活的財富規劃，如何開源節流，為了不影響兒女的人生，老一輩需要有自己的財富規劃，而資產配置當中最有價值的即為不動產，宜思考善用不動產的相對保值特性，以挹注自己的退休金，維持一定的退休生活品質。為老年人提供2~6成的退休所得替代率。 早在十七世紀，「以房養老」的思想就已經在地處歐洲的荷蘭萌芽。當時出現了類似於目前的房屋逆向抵押貸款（Reverse Mortgage）契約書。其大致內容為，投資者購買銀髮族自有產權的房屋，並允許銀髮族在其中居住，直至銀髮族去世之後，投資者再收回房屋。此種協定方式，有效地解決了銀髮族養老的資金問題和居住問題，同時減輕了政府的養老負擔。在該產品推出之後，雖然其進展的程度相當緩慢，但是此種新型養老商業模式的提出，受到了許多國家的注意，並在不斷地創新與實務之中，逐漸地在各先進國家之中推廣。其中，尤其以美國的「以房養老」商業模式最為完備和成熟。 另方面，台灣金融資產服務股份有限公司(即金融機構合併法之「公正第三人」)的公正第三人拍賣業務，自公司成立十多年來一直因為無法逕予塗銷假扣押辦理過戶登記而難以推動發展，而「以房養老」業務的債權債務單純，發生假扣押機率甚微，認為是公正第三人拍賣業務未來可努力的方向，「以房養老」業務若欲長久穩定發展，勢必必須重視擔保品處分管道是否順暢，若是按照目前實務，拍賣遺產有所謂「代辦繼承」的問題。公正第三人拍賣業務若想要順利推廣此部分業務，應設法請政府相關單位協力排除問題障礙。 本文亦蒐集近年來執行以房養老商業模式比較成熟的幾個代表性國家，對各個國家不同經驗的研究和學習，歸納出適用於國內的關鍵成功因素，充分地挖掘其重要啟示和借鏡功能。在美國、日本及澳洲等已開發國家行之有年，政府則從社會福利角度出發，由政府負擔違約保險，讓申貸人不因通膨影響生活品質，同時也分散金融機構承接不動產跌價風險，老人將名下具完整產權之不動產抵押設定給金融機構，以取得一筆或每月的現金流，供退休生活使用，維持良好生活品質。外國的「以房養老」實務經驗對於國內銀行開辦「以房養老」的發展具有重要的參考價值，為商業模式建構及執行提供寶貴的經驗借鏡。

According to the Ministry of the Interior estimates, the proportion of Taiwan’s population aged 65 and over will reach 14% in 2017, meeting the United Nations standard of “old age society”, which is estimated to reach 20.1% of the proportion of the elderly in 2025, officially entering the super-age society. In order to solve the needs of more and more elderly people in economic security, the Ministry of the Interior from2013, began to promote the so-called “Real Estate Reverse Mortgage System” pilot program, also known as “housing for old age”. In the face of decreasing (declining or low) birth rate and geriatric society, the thinking of the problem: the cash flow planning of the elderly, first in health care, not to support children. Early planning of retirement wealth planning, how to get financial resources, in order not to affect the lives of children, the older generation need to have their own wealth planning, and the most valuable asset allocation is real estate, it is appropriate to think about the relative preservation characteristics of real estate, to invest their own pension, to maintain a certain degree of retirement quality of life. Provide the elderly with a replacement rate of 20% to 60% of retirement income. As early as the seventeenth century, the idea of housing pension has been in the Netherlands in Europe. There was a similar reverse mortgage contract to the present. The general content is that investors buy houses owned by the elder family and allow the elder family to live in it until the elder family dies, the investors to take back the house. This kind of agreement effectively solves the problem of the financial and living problem of the old-age, and reduces the burden of the government’s old-age pension. After the product launch, although the degree of progress is rather slow, but the introduction of this new old-age business model, has been the attention of many countries, and in the continuous innovation and practice, gradually in the advanced countries. Among them, especially in the United States to the housing pension business model is the most complete and mature. On the other hand, “the Fair Third Person Auction Business” of Taiwan Financial Assets Service Co., Ltd. (i.e. ' the Fair Third Person ' in “the Merger Law of Financial Institutions) has been difficult to promote development since the company was founded more than a decade ago because it was unable to sell the false seizure for the registration of the transfer, and the debt of the 'housing pension' business if long-term stable development, it is bound to pay attention to whether the collateral disposition pipeline is smooth, if in accordance with the current practice, auction estate has the so-called 'proxy inheritance' problem. If we want to successfully promote this part of the business, we should try to ask the relevant government units to work together to remove the obstacles to the problem. This paper collects several representative countries that have been more mature in recent years to implement the business model of housing pension, study and study the different experiences of various countries, summarize the general laws applicable to the domestic, and fully excavate its important enlightenment and mirror function. In the United States, Japan and Australia and other developed countries for years, the government will also from the perspective of social welfare, the government to bear the default insurance, so that the applicant will not be due to inflation affect the quality of life, but also to disperse financial institutions to undertake the risk of real estate prices, the elderly will be under the full title of real estate mortgage set to financial institutions, to obtain one or a month's cash flow for retirement and to maintain a good quality of life. Foreign practical experience of “housing pension” has important reference value for the development of “housing pension” for domestic banks, and provides valuable experience for the construction and implementation of business model.