The purpose of this article is to study mortality-based securities, such as mortality bonds and swaps, and to price the proposed mortality securities. We focus on individual annuity data, although some of the modeling techniques could be applied to other lines of annuity or life insurance

Reverse mortgages, as an important means to provide financial resources to elderly homeowners, have received lots of attentions to academics, practitioners, and policymakers. The role of a secondary market, however, has been largely overlooked in the literature. In this paper, we start with a...