Abstract
In Spain, as in other European countries, the continuous ageing of the population creates a need for long-term care services and their financing. However, in Spain the development of this kind of services is still embryonic. The aim of this article is to obtain a calculation method for reverse mortgages in Spain based on the fit and projection of dynamic tables for Spanish mortality, using the Lee and Carter model. Mortality and life expectancy for the next 20 years are predicted using the fitted model, and confidence intervals are obtained from the prediction errors of parameters for the mortality index of the model. The last part of the article illustrates an application of the results to calculate the reverse mortgage model promoted by the Spanish Instituto de Crédito Oficial (Spanish State Financial Agency), for which the authors have developed a computer application.
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