Valoración de la hipoteca inversa en Colombia

Abstract

This study contributes to the proposal of alternatives for generating income in the retirement phase. This paper analyzes the valuation of life reverse mortgage in the Colombian market. The reverse mortgage is a financial-actuarial product that can contribute to the generation of income for elderly homeowners. The main goal of the work is to develop a model for determining the monthly income that the beneficiary of this product would get in Colombia. For this work, the price of housing and the technical interest of life annuity are modeled through a Geometric Brownian Movement and a mean reversion process, respectively. While, mortality tables of the Colombian population are used for estimating the life expectancy. The results show that the use of the reverse mortgage in Colombia is feasible and could generate a complementary income for the clients of the product.