The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income, while it is a high-risk product from the lender's perspective. One of benefits of reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The present study evaluates the option value of the reverse mortgage in Hong Kong through an empirical analysis using the Black-Scholes option-pricing model. Moreover, the present study shows specific monetary values through option matching to the consumer situation, contributing to the increased understanding of reverse mortgages from the consumer's point of view.

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There have been increased cases of states using armed forces against non state entities in cyber threatens. There are concerns on using armed forces against cyber armed conflict or cyber threatens between state entities. But until now, the legal is uncertain and not mentioned about regulations and their limitation of cyber armed conflict between non state entities and state entities. Because of that, this study review the legal basis using armed forces on cyber armed conflict by non state entities.