This paper analyzes the effects that contracting a reverse mortgage has on the finances of families of a country or group whose members who aged 65 or older are the sole owners of the 100% of the property, regardless of the receipt of a retirement pension. For this purpose, an economic-financial model based on the life cycle model is defined, which considers a double source of randomness: mortality and dependence of family members. Long-term effects are measured using probabilistic, temporal and monetary indicators. For each country, the model must be adapted according to the legal framework for retirement and long-term care benefits and for the actuarial mortality and long-term care tables. As an illustration, this model was applied on Spanish families using data from the Spanish Survey of Household Finances 2017. The results obtained indicate that a family in Spain that meets the conditions for contracting a reverse mortgage sees, on average, an increase in its initial income and a decrease in both its probability of having liquidity problems in the future and the value of this lack of liquidity. It is also concluded that family composition influences the magnitude of these positive effects.

中文翻译：

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反向抵押贷款和财务可持续性

本文分析了签订反向抵押贷款对一个国家或群体的家庭财务的影响，这些国家或群体的成员是 65 岁或以上的成员是 100% 财产的唯一所有者，无论是否领取退休金。为此，定义了一个基于生命周期模型的经济金融模型，该模型考虑了随机性的双重来源：死亡率和家庭成员的依赖性。使用概率、时间和货币指标来衡量长期影响。对于每个国家，该模型必须根据退休和长期护理福利以及精算死亡率和长期护理表的法律框架进行调整。例如，该模型使用 2017 年西班牙家庭财务调查的数据应用于西班牙家庭。获得的结果表明，在西班牙，一个满足反向抵押贷款条件的家庭平均会看到其初始收入增加，而其未来出现流动性问题的可能性以及这种缺乏流动性的价值均有所下降。流动性。还得出结论，家庭组成影响这些积极影响的大小。