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Is Home Equity an Underutilized Retirement Asset?

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  • Steven A. Sass

Abstract

Retirement planning generally focuses on the use of financial assets. However, home equity is the largest store of savings for most households entering retirement. This brief reviews studies by the Social Security Administration’s Retirement Research Consortium and others that assess whether home equity is an underutilized retirement asset and, if so, why. The discussion proceeds as follows. The first section discusses how home equity differs from financial assets. The second section reviews the use of downsizing to access home equity. The third section reviews the use of reverse mortgages. The final section concludes that home equity has been an underutilized retirement asset due to behavioral and informational impediments, and that it remains to be seen whether the growing financial pressures on retirees to tap their savings will overcome these impediments.

Suggested Citation

  • Steven A. Sass, 2017. "Is Home Equity an Underutilized Retirement Asset?," Issues in Brief ib2017-6, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2017-6
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    File URL: http://crr.bc.edu/briefs/is-home-equity-an-underutilized-retirement-asset/
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    Cited by:

    1. Sharma, Tripti & French, Declan & McKillop, Donal, 2022. "The UK equity release market: Views from the regulatory authorities, product providers and advisors," International Review of Financial Analysis, Elsevier, vol. 79(C).
    2. French, Declan & McKillop, Donal & Sharma, Tripti, 2018. "What determines UK housing equity withdrawal in later life?," Regional Science and Urban Economics, Elsevier, vol. 73(C), pages 143-154.

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