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Reverse mortgages and the liquidity of housing wealth

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Author Info
Christopher J. Mayer
Katerina Simons

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Abstract

The article is organized as follows: Section I briefly describes the features of various types of reverse mortgages offered in the private and public sectors. Section II surveys the ~elevant literature that has focused on the savings patterns of the elderly and their demand for reverse mortgage products. Section III describes the sample of the elderly drawn from the Survey of Income and Program Participation (SIPP). Section IV analyzes the potential demand for reverse mortgages on the basis of age, fertility history, income, housing wealth, liquid wealth, and debt. Section V discusses the difficulties in developing an established market for reverse mortgages, including legal and regulatory barriers, as well as issues of appropriate pricing and risk. Section VI concludes the paper.

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Paper provided by Federal Reserve Bank of Boston in its series Working Papers with number 93-5.

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Date of creation: 1993
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Publication status: Published in AREUEA 22, no. 2 (Summer 1994): 235-55.
Handle: RePEc:fip:fedbwp:93-5

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Keywords: Mortgages;

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Laurence J. Kotlikoff & Lawrence H. Summers, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Mirer, Thad W, 1979. "The Wealth-Age Relation among the Aged," American Economic Review, American Economic Association, vol. 69(3), pages 435-43, June. [Downloadable!] (restricted)
  3. Steven F. Venti & David A. Wise, 1989. "Aging, Moving, and Housing Wealth," NBER Working Papers 2324, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Hurd, Michael D, 1987. "Savings of the Elderly and Desired Bequests," American Economic Review, American Economic Association, vol. 77(3), pages 298-312, June.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Steven F. Venti & David A. Wise, 2001. "Aging and Housing Equity: Another Look," NBER Working Papers 8608, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Joan Costa i Font & Joan Gil & Oscar Mascarilla Miró, . "Preferencias de la población ante la financiación de la dependéncia: La hipoteca inversa en España," Studies on the Spanish Economy 230, FEDEA. [Downloadable!]
  3. Ngee-Choon Chia & Albert K C Tsui, 2005. "Reverse Mortgages as Retirement Financing Instrument: An Option for “Asset-rich and Cash-poor” Singaporeans," SCAPE Policy Research Working Paper Series 0503, National University of Singapore, Department of Economics, SCAPE. [Downloadable!]
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