老人財產管理制度之法律經濟分析

Abstract

人口是國家基本構成要素之一。隨者經濟發展與醫療科技進步等，台灣國民的平均餘命不斷延長，但因生育率的下降而出現少子化及人口老化之現象。人口老化將衍生許多問題，就老人而言，除日常生活的健康與照顧外，在財產方面，其所關切者，主要為生前財產之管理與死後遺產之安排等問題。 本研究是採「法律經濟分析」之研究方法，亦即以交易成本、資訊不對稱（逆向選擇、道德危險）、代理理論等經濟理論，探討老人財產管理與移轉之相關問題。在架構上先探討現行民法涉及老人財產管理與移轉的制度，包括「日常家務代理」、「委任」、「成年監護」及「繼承」等制度，除以經濟分析的角度檢視該等制度是否符合經濟觀點，以及探討其是否切合老人的需要外，並以該等制度作為基礎，說明一般情況下老人如果對其財產「不」加以「規劃」時的狀態。

接者，探討政府所倡議「老人財產信託」。包括介紹信託的概念與特性、信託法的相關規定等，並以經濟分析的角度探討該等規定是否符合經濟觀點，以及是否符合老人財產管理之需要，繼而介紹現行信託商品「老人安養信託」，並試著釐出民眾需求意願與現行商品落差之原因，以供政府在推行「積極宣導老人財產信託」政策時之參考。

最後，再探討政府（人口政策白皮書）所積極推動「不動產反向抵押貸款制度試辦方案」（俗稱「以房養老」或「反向抵押貸款」）。包括簡介反向抵押貸款制度、借款人（老人）及貸款機構所面臨的風險與挑戰等。內政部曾於民國102年間兩度公告受理申請，但試辦結果均掛零。主管機關檢討其原因，認為是因「申請條件太過嚴格」、「老一輩的人對於不動產抵押態度保守」等原因所致。 但本研究認為反向抵押之貸款機構會面臨（借款人）長壽風險、利率風險及房屋跌價風險等，尤其是房屋未來之價值無法預估，難以透過大數法則、衍生性商品等分散風險，再加上反向抵押貸款係屬無追索權之貸款，房屋處分價格為反向抵押房屋貸款未來唯一之現金流入，如無法解決貸款機構所可能發生損失之問題，反向抵押制度將難以實行。

再者，民法係採行所謂「物權法定主義」，禁止當事人任意創設權利，而現行民法中並無「反向抵押」之相關規定，而需藉助一般抵押或最高限額抵押之概念，如以民法抵押之概念實行（反向）抵押權時，無論是以「流抵」或「拍賣」方式實行抵押權，在法律適用上將變得迂迴，且困難重重。而稅捐稽徵法第6條土地增值稅等優先於抵押權之規定，也增加「以房養老」制度施行之難度。此外，反向抵押貸款還有交易不確定性、交易成本過高、資訊不對稱等問題，亟待解決，均使反向抵押貸款制度路途迢迢，困難重重，難以施行。

Population constitutes one of the fundamental elements of a state. With the development of economy and the progress of medical technologies, Taiwanese citizens have higher life expectancy. However, due to the decline of fertility rate and the rise of life expectancy, the development of less children and aging population in Taiwan have emerged. Many problems derive from population aging such as long-term care and health issues. From the perspective of property, the major concern for the senior citizens may lay in property management and inheritance planning. This study is conducted by the method of “Economic Analysis of Law” to explore relevant issues regarding the senior citizens’ property management and transfer under different economic theories: transaction cost, information asymmetry (adverse selection and moral hazard) and agency theory. The structure begins with relevant regulations involve property management and transfer under the Taiwan Civil Code such as “Daily Housework Substitution,” “Mandate,” “Guardianship for Adults” and “Inheritance.” Apart from adopting economic analysis to examine whether the aforementioned systems are feasible and suitable and whether they satisfy the needs of senior citizens, this study also use these systems as foundation to demonstrate the result if senior citizens do no arrange their property. Next, this study will address the government-promoted “Trust of the Elderly,” including the introduction of the concept and characteristics of trust, some important regulations of Taiwan Trust Law, and then examines whether such regulations are in line with economic points of view and whether trust could be adopted as a tool of senior citizens’ property management. Then will introduce the concept of “Caring Trust” for senior citizens and try to explore the reason of the gap between the willingness and the actual situation of “Caring Trust” for senior citizens. Last but not least, a discussion on the Government’s Population Policy White Paper as to “Taiwan Real Estate Reverse Mortgages System Pilot Program (or“living off one’s own housing after retirement” as it is called in Taiwan).” In this part, the author introduces potential risks and challenges which the borrowers (the elders) and the lenders may encounter in a reverse mortgage loan. The Ministry of Interior Affairs has announced the acceptance of such application twice in 2013, but applicants showed none. The competent authorities examined the reason for zero-application with the conclusion that: “the qualification for applicant is too strict” and “the elders are conservative in regard to reverse mortgages.” This study believes that the lenders may face risks of longevity, interest rate and housing depreciation in reverse mortgage loan. The risk of housing depreciation, in particular, cannot be predicted and cannot be dispersed by “law of large numbers” or through derivative products. Moreover, the reverse mortgage loan is a loan without the right of recourse, and that the only cash flow for such loan is the disposal of housing, if the potential loss problem of the lender cannot be solved, reverse mortgages system can hardly be enforced in Taiwan. Moreover, the Civil Code adopts the “principal of legality of right in rem,” which prohibits parties to create rights freely. Whereas there is no such concept as “reverse mortgages” in the Civil Code; therefore, reverse mortgages need to be exercised by means of general mortgage or maximum limited mortgage. Whether by ways of “disposition of mortgaged property by payoff” or the “auction,” it will be twisted and far-fetched in the law application if we apply the traditional concept of mortgage on the reverse mortgage. Furthermore, because Article 6 of the Tax Collection Act sets out that collection of taxes prioritizes general claims by mortgagee, it will also hinder the reverse mortgage system from practicing in Taiwan. In addition, issues such as uncertainty in transaction, high transaction cost and information asymmetry are other problems waiting to be solved. Therefore, the reverse mortgages system is hard to be enforced in Taiwan and there remains a long way to go.