A Study On Pricing Of The Housing Reverse Mortgages With Two Dependent Mortality Models

China has entered the aging of the population has been aging population, rapid development period 169,000,000,12% of the total population. According to the National Committee on Ageing statistics show that nearly half of the rural elderly are empty nesters or almost empty nesters. At present, China’s aging population is about five times the growth rate of the total populations’. The proportion of the total population aging population will expand rapidly. A higher rate of aging and increasingly "four hundred twenty-one" the emergence of family structure, but also led to China appear more empty nesters. Experts predict that by 2030, China’s aging population of nearly 300 million, while the proportion of families or empty nesters will reach 89%, which means there will be more than two hundred million empty nesters. In addition, in 2012 China’s urban households now fully owned housing was 84.7%, but the majority of older life is not rich. So we need to learn from Britain and other countries through operational experience, the timely introduction of housing reverse mortgage lending, housing and pension realize the organic combination of building a socialist harmonious society to play an active role.Housing reverse mortgages is both a new type of financial products, but also is an important tool for retirement. It refers to a certain age, the insured will meet their housing property mortgaged to financial institutions such as insurance companies, financial institutions, based on these insured’s age, life expectancy and health status of its forecast for housing value appreciation rate is expected to and a comprehensive assessment of depreciation and other factors, one or more pension fees paid to policyholders, until his death. In the life insurance practice in dealing with problems involving multiple lives often assume that between each life is independent, but in fact, because of the same subject to certain factors, between their lives there is always more or less certain positive dependencies. Therefore, the remaining life of the insured person can be assumed to be independent, law of large numbers and the central limit theorem is no longer applicable, so we need to study the remaining life of the insured person dependencies between structure and dependencies of the application of this positive to double life housing reverse mortgages pricing model.This paper first introduces Mitchell and Piggott actuarial models and Frank Copula parameter model, and then in the Mitchell and Piggott actuarial model, based on the research results of domestic draw the corresponding improvements discussed two dependency structure actuarial pricing model, monotonic dependence with the assumption that the model assumptions and Frank Copula parameters derived pushdown fixed amount monthly annuity payment formula and yearly increments equal and proportional amount of the annuity payment formula, and are designed for single-and double-life actuarial life pricing models. Finally monotonic dependence structure for the same actuarial pricing models and Frank Copula parameters actuarial pricing model simulations were carried out and the corresponding sensitivity analysis.