北京统计大讲堂：Atwo-generationmodelwithaltruismforreversemortgagedemand

报告时间：2026年7月30日（周四）16:00
报告地点：中国人民大学中关村校区明德主楼1016会议室
报告主题：A two-generation model with altruism for reverse mortgage demand
报告摘要：
Reverse mortgage markets remain small internationally, with bequest motives frequently cited as a key reason. We develop a new two-generation lifecycle simulation model to study the role of reverse mortgages in intergenerational financial planning, particularly as a tool for families to bring forward bequests. The model incorporates parental altruism by assuming parents derive utility not only from their own consumption and housing but also from their child’s current and future financial well-being. This extends traditional bequest models, which typically consider only the wealth transferred at death. The model accounts for house price risk, interest rate risk, investment risk, wage growth, health shocks, long-term care costs, private pensions, and means-tested public pensions. Using this framework, calibrated to Australian economic and policy settings, we compare the welfare gains from bequests and early bequests (inter vivos gifts) for homeowning parents and adult children seeking to purchase their first home. The results suggest that families across a range of wealth levels can experience substantial welfare gains when the parent uses a reverse mortgage both for retirement income and to gift the adult child a first home deposit. Early bequests funded through reverse mortgages increase overall family welfare compared to preserving home equity for a bequest or using a reverse mortgage solely for the parent’s consumption, particularly for middle-wealth households. A policy experiment shows that gifting limits reduce welfare gains for some families, but have a small overall impact. These findings suggest that policies encouraging informed use of reverse mortgages could improve intergenerational financial security.
报告人简介：
Katja Hanewald is an Associate Professor in the School of Risk and Actuarial Studies at UNSW Sydney and the President of the Asia-Pacific Risk and Insurance Association (APRIA). Her research focuses on insurance economics; actuarial studies; longevity, healthy ageing and long-term care trends; design of public and private insurance programs to manage retirement risks; housing wealth as a source of retirement funding; behavioural aspects of financial planning. She has published in leading journals in insurance, actuarial science, economics, and health, including Nature Aging, JAMA Network Open, The Lancet Healthy Longevity, Journal of Risk and Insurance, Insurance: Mathematics and Economics and the ASTIN Bulletin. Katja serves as a Co-Editor of the North American Actuarial Journal, an Editor of the Journal of Pension Economics and Finance, and is an Editorial Board Member of the Journal of Risk and Insurance and the ASTIN Bulletin.