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

  • Makoto Nakajima

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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File URL: http://www.philadelphiafed.org/research-and-data/publications/business-review/2012/q1/brq112_everything-you-always-wanted-to-know-about-reverse-mortgages.pdf
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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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  1. Mariacristina De Nardi & Eric French & John Bailey Jones, 2009. "Why do the Elderly Save? The Role of Medical Expenses," NBER Working Papers 15149, National Bureau of Economic Research, Inc.
  2. David A. Wise, 2004. "Perspectives on the Economics of Aging," NBER Books, National Bureau of Economic Research, Inc, number wise04-1.
  3. Irina Telyukova & Makoto Nakajima, 2010. "Home Equity Withdrawal in Retirement," 2010 Meeting Papers 636, Society for Economic Dynamics.
  4. 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.
  5. 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.
  6. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
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