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Everything you always wanted to know about reverse mortgages but were afraid to ask

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  • Makoto Nakajima

Abstract

Most people have probably heard of reverse mortgage loans. But even though these loans have been getting more attention lately, it’s possible that many people still aren’t sure about what reverse mortgages really are. This is not surprising, since reverse mortgages are a relatively new type of mortgage loan. Although reverse mortgages are currently used by only a small fraction of people, their popularity has been growing in recent years. In this article, Makoto Nakajima discusses reverse mortgage loans, particularly the most popular type, which is administered by the government. He discusses who uses reverse mortgage loans and how they are used and compares the pros and cons of these mortgages.

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Bibliographic Info

Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

Volume (Year): (2012)
Issue (Month): Q1 ()
Pages: 19-31

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Handle: RePEc:fip:fedpbr:y:2012:i:q1:p:19-31

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Related research

Keywords: Mortgage loans; Reverse;

References

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  1. Sally R. Merrill & Meryl Finkel & Nandinee K. Kutty, 1994. "Potential Beneficiaries from Reverse Mortgage Products for Elderly Homeowners: An Analysis of American Housing Survey Data," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 22(2), pages 257-299.
  2. Mariacristina De Nardi & Eric French & John Bailey Jones, 2009. "Why do the elderly save? the role of medical expenses," Working Paper Series WP-09-02, Federal Reserve Bank of Chicago.
  3. David A. Wise, 2004. "Perspectives on the Economics of Aging," NBER Books, National Bureau of Economic Research, Inc, number wise04-1, July.
  4. Makoto Nakajima & Irina A. Telyukova, 2011. "Home equity withdrawal in retirement," Working Papers 11-15, Federal Reserve Bank of Philadelphia.
  5. Hui Shan, 2011. "Reversing the Trend: The Recent Expansion of the Reverse Mortgage Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 39(4), pages 743-768, December.
  6. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
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Cited by:
  1. Irina A. Telyukova & Makoto Nakajima, 2011. "Reverse Mortgage Loans: A Quantitative Analysis," 2011 Meeting Papers 387, Society for Economic Dynamics.

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