本篇推導出一個在房價、終止時間及利率是隨機的狀況下，估計逆向抵押貸款的近似定價公式。並將近似定價公式的結果與模擬的結果比較，驗證近似定價公式可以降低計算強度，並提供一個近似模擬的結果。

王健安、林秋瑾、張金鶚(1996)，「房地產業對我國總以經濟活動之影響分析」，台灣銀行季刊，41，頁1-24。
張金鶚與賴碧瑩(1989)，「房地產業景氣指標之研究」，行政院國家科學委員會專題研究計畫成果報告，臺北，臺灣：行政院國家科學委員會。
彭建文與張金鶚(2000)，「總體經濟對房地產景氣影響之研究」，國家科學委員會研究彙刊，10，頁330-343
Che-Chun Lin, Jing-Tang Tsay, Larry J. Prather, Ting-Heng Chu, Ph.(2011) “Journal of Real Estate Finance and Economics Simplifying Reverse Mortgage Valuation”
Meen,G..(2000), “Housing Cycles and Efficiency”, Scottish Journal of Political Economy, 47(2):114-40
Harris, J. C., (1989), “The Effect of Real Rates of Interest on Housing Prices,” Journal of Real Estate
Finance and Economics, 2, 47-60
Kau, J. B. and D. C. Keenan,(1981),”On the Theory of Interest Rates, Consumer Durables, and the Demand for Hoursing,” Journal of Urban Economics, 10, 183-200
Reichert, A. K., (1990), “The Impact of Interest Rates, Income, and Employment upon Regional Housing Prices, ” Journal of Real Estate Finance and Economics,3,373-391
Summers, L. H., (1981), “Inflation, the Stock Market, and Owner-Occupied Housing,” American
Economic Review, 71,429-434

Pu, M., G. Z. Fan. and Y. Deng. 2010. Information Asymmetry, Heterogeneous Beliefs and the Breakeven Determination of Loan Limits for Reverse Mortgages. Working Paper.
Stephen, W., Y. Li, V. Lekkas, J. Abraham, C. Calhoun and T. Kimner. 1995. Conventional
Mortgage Home Price Index. Journal of Housing Research, 6:389-418.
Szymanoski, E. J. 1994. Risk and the Home Equity Conversion Mortgage. Journal of the
American Real Estate and Urban Economics Association, 22: 347-366.
Yang, T. T., C. C. Lin. and Man Cho. 2011. Collateral Risk in Residential Mortgage Defaults.
Journal of Real Estate Finance and Economics, 42:115-142.
Yoo, S. J. 2002. A Study on the Economic Effects of the Reverse Mortgage System on the
National Economy. Journal of the Korean Planners Association. 37(2): 147-158.
Vasicek, O. 1977. An Equilibrium Characterization of the Term Structure. Journal of
Financial Economics, 5:177-188.
Addae-Dapaah, K. and K. M. Leong. 1996. Housing Finance for the Ageing Singapore
Population: the potential of the home equity conversion scheme. Habitat International, 20:
109–120.
Boehm, T.P. and M.C. Ehrhardt. 1994. Reverse Mortgages and Interest Rate Risk, Journal of the American Real Estate and Urban Economics Association, 22(2): 387-408.
Buist, Henry and T. T. Yang. 1998. Pricing the Competing Risks of Mortgage Default and
Prepayment in Metropolitan Economies. Managerial Finance, 28(9/10): 110-128.
Chan, K.C., A. Karolyi, A. F. Longstaff and A. B. Sanders. 1992. An Empirical Comparison of Alternative Models of the Short-Term Interest Rate. Journal of Finance, 47: 1209-1227.
Chinloy, P. and I. F. Megbolugbe. 1994. Reverse Mortgages: contracting and crossover risk, Journal of Real Estate and Urban Economics Association,22(2): 347-366.
Cho, D. H. and S. R. Ma. 2004. Economic Feasibility of Reverse Mortgage Annuity for the
Elderly Housing Welfare, Korea Housing Studies Review 12(1): 175-199.
Cho, D. H., C. K. Park and S. R. Ma. 2004. A Study on Introduction of Reverse Mortgage
System, Korea Financial Supervisory Service.
Chou, K. L., N. W. Chow. S. and I. Chi. 2006. Willingness to Consider Applying for Reverse
Mortgage in Hong Kong Chinese Middle-aged Homeowners. Habitat International, 30:
716-727.
Cox, J. C., J. E. Ingersoll and S.A. Ross. 1985. A Theory of the Term Structure of Interest
Rates. Econometrica, 53: 385-408.
Klein, L.S. and C.F. Sirmans. 1994. Reverse Mortgages and Prepayment Risk Journal of the
American Real Estate and Urban Economics Association, 22(2): 409-431.
Lin, C. G, C. C. Chang, M. Yu and Y. J. Huang. 2006. Valuation of Euro-Convertible Bondswith
Embedded Options. Journal of Financial Studies, 14(3): 35-68.
Ma, S. R. and D. H. Cho. 2003. A Study on Long Term Forecasting Method of Real Estate
Prices for Reverse Annuity Mortgage System. Korean Insurance Journal, 66: 55-83.
Ma, S. R and D. H. Cho. 2004. Payment Plans of Reverse Mortgage System in the Korean
Housing Market. The First International Solar Cities Congress.
Ma, S. and Y. Deng. 2006. Insurance Premium Structure of Reverse Mortgage Loans in
Korea, Social Science Research Network Working Paper Series, Abstract 938213.
Miceli, T. J. and C.F. Sirmans. 1994. Reverse Mortgages and Borrower Maintenance Risk,
Journal of American Real Estate and Urban Economics Association, 22(2): 433-450.
Mitchell, O. S. and J. Piggott. 2004. Unlocking Housing Equity in Japan. Journal of the
Japanese and International Economies, 18: 466-505.