我國預計民國101 年實施以房養老制度，目前定位為社會福利措施的一環。借鏡國 外經驗，本文認為我國將以房養老初步定位為一種社會福利措施，有待研議。當以房養 老非唯一或極大比例的退休經濟來源時，其所產生之現金流量多寡、給付期間長短及給 付金額的穩定性便不是那麼重要。本文主張可採取商品化模式，以自由市場機制，在利 率及房價波動之浮動機制下，申貸者每期將收到不固定之以房養老金。以補充國民退休 金之觀點，建構成為全體國民退休金準備的一項重要融資工具。因此建議區分為「公益 型」及「商業型」二類機制同步推動，公益型及商業型的以房養老並存，豐富退休準備 金的選擇，可提升整體國民退休之所得替代率，奠定達活躍老化之基石。

Our country expects to implement it with the system of “pension by housing” in the year of 2012, orientate as a part of the social welfare in initial stage. For foreign experience, the governance orientates the pension by housing as a kind of social welfare, remain to be discussed. If this pension by housing not only or great part of retired economic source, it is not important for how much to receive cash flow number, payment duration, and the stability of number of pension. This study suggest that can develop the commercialized method, under the floating mechanisms of the interest rate and real estate value change, the lender will receive variable pension in this situation. With the view of the supplementary pension, construct an important of finance tool for pension preparation. Propose dividing into the “public welfare type” and “commercial type” synchronization. Thus enrich the preparation for pension and raise income replacement rate, to reach active aging cornerstone.