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A Primer On Reverse Mortgages

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Author Info
Andy Eschtruth () (Center for Retirement Research)
Long Tran
Abstract

Housing equity is the most important asset for the vast majority of Americans. In principle, this asset might be used to support consumption in retirement. Reverse mortgages were envisioned as a mechanism that would allow older people to consume their housing equity without selling their homes. Yet this market is extremely small ó less than one percent of qualified homeowners have a reverse mortgage. This brief provides an overview of reverse mortgages and explores possible reasons for their currently limited appeal.

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Paper provided by Center for Retirement Research in its series Just the Facts with number jtf-3.

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Date of creation: 28 Mar 2003
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Handle: RePEc:crr:jusfac:jtf-3

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