中文摘要：

本文研究了具有赎回选择权的住房反抵押贷款，构建了包含随机动态房价和随机动态利率的定价模型。基于对中国未来房价和利率的预测，我们通过计算机模拟方法得到了不同年龄借款人可获得的年金金额；分析了嵌入赎回选择权的住房反抵押贷款对不同年龄借款人的影响；对影响住房反抵押贷款定价的各种外生因素进行了敏感性分析。本文的研究结果表明，住房反抵押贷款可以显著提高中国老年人的经济收入水平。

英文摘要：

In this paper, we research the reverse mortgage with an embedded redeemable option. Firstly, we propose a reverse mortgage pricing model with a dynamic interest rate and dynamic housing price. Then, based on forecasts of future housing prices and interest rates, and by using a computer simulation method, we obtain the annuity amount received by different age groups. We analyze the effect of the embedded redemption option on different age groups. We also analyze the sensitivity of a variety of exogenous factors on pricing of the reverse mortgage. The results show that reverse mortgages can significantly im- prove the income level of the elderly in China.