Weitere Artikel dieser Ausgabe durch Wischen aufrufen
Reverse mortgages have been obtained by nearly one million senior households. In the future, the number of eligible households will grow substantially, about 80 % are homeowners, and many of them have substantial equity in their home. We study state-level variations in rate of originations of HUD’s Home Equity Conversion Mortgage (HECM) product. Our focus is on the impact of house prices on the origination rate. We test the hypothesis that in states where real house prices are volatile and the current level is above the long term norm, seniors rationally anticipate future reductions in house prices and lock-in their housing equity gains by obtaining a reverse mortgage. We test alternative hypotheses, the first being that seniors living in states with high rates of house price appreciation increase their use of HECMs as a means to convert an illiquid wealth capital gain into a more liquid asset. A second alternative hypothesis is that the intertemporal changes in originations of HECMs were a result of changes in the supply of mortgage originators. Our empirical work supports the hypothesis that seniors used HECMs to insure against house price declines, but we find no evidence in support of the alternative hypotheses.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Bayer, A., & Harper, L. (2000). Fixing to stay: A national survey on housing and home modification issues. AARP Research Report, Washington, D.C. http://assets.aarp.org/rgcenter/il/home_mod.pdf. Accessed 5 Mar 2013.
Bishop, T. B., & Shan, H. (2008). Reverse mortgages: A closer look at HECM loans, working paper 08-Q2. Cambridge: National Bureau of Economic Research. http://www.nber.org/programs/ag/rrc/08-Q2%20Bishop,%20Shan%20FINAL.pdf. Accessed 2 March 2013.
Bricker, J., Kennickell, A. B., Moore, K. B., & Sabelhaus, J. (2012). Changes in U.S. family finances from 2007 to 2012: evidence from the Survey of Consumer Finances. Federal Reserve Bulletin, 98(2), 1–80.
Case, B., & Schnare, A. B. (1994). Preliminary evaluation of the HECM reverse mortgage program. Journal of the American Real Estate and Urban Economics Association, 22(2), 301–346. CrossRef
Case, K. E., Shiller, R. J., & Thompson, A. (2012). What have they been thinking? Home buyer behavior in hot and cold markets. Brookings Papers on Economic Activity, 2012(2), 265–298. CrossRef
Consumer Financial Protection Bureau. (2012). Reverse mortgages: report to Congress. Consumer Financial Protection Bureau.
Davidoff, T. (2013). Can “High Costs” Justify Weak Demand for the Home Equity Conversion Mortgage? Working Paper. Sauder School of Business, University of British Columbia. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2146988. Accessed 7 July 2013.
Davidoff, T. & Welke, G. (2004). Selection and moral hazard in the reverse mortgage market. Working Paper, Haas School of Business, U.C. Berkeley. https://www.frbatlanta.org/frba/news/conferen/housing2005/Davidoff_Welke.pdf. Accessed 22 Feb 2013.
DeNavas-Walt, C., Proctor, B. &, Lee, C. (2006). Income, Poverty, and Health Insurance Coverage in the United States: 2005, Current Population Reports, P60-231, U.S. Census Bureau.
Department of Housing and Urban Development. (2012). Home Equity Conversion Mortgage data. Retrieved from http://portal.hud.gov/hudportal/HUDsrc=/program_offices/housing/rmra/oe/rpts/hecmdata/hecmdatamenu
Fratantoni, M. C. (1999). Reverse mortgage choices: a theoretical and empirical analysis of the borrowing decisions of elderly homeowners. Journal of Housing Research, 10(2), 189–208.
Greenhalgh-Stanley, N. (2012). Medicaid and the housing and asset decisions of the elderly: evidence from estate recovery programs. Journal of Urban Economics, 72(2), 210–224. CrossRef
Keenan, T. A. (2010). Home and community preferences of the 45+ population. Washington, D.C.: AARP.
Kmenta, J. (1986). Elements of econometrics (2nd ed.). New York: Macmillan Publishing Company.
Liu, L. (2009). Three Essays on Housing Returns. Ph.D. Dissertation, Department of Economics, Ohio State University. https://etd.ohiolink.edu/ap:10:0::NO:10:P10_ETD_SUBID:68850. Accessed 1 Mar 2013.
Malmendier, U., & Nagel, S. (2012). “Learning from Inflation Experiences,” Working paper. http://22.214.171.124/_assets/files/faculty-and-research/conferences-and-seminars/finance-seminars/Nagel%20Paper.pdf. Accessed 15 Jan 2014).
Mayer, C. J., & Simons, K. V. (1994). Reverse mortgages and the liquidity of housing wealth. Real Estate Economics, 22(2), 235–255. CrossRef
Mian, A., & Sufi, A. (2011). House prices, home equity-based borrowing, and the US household leverage crisis. American Economic Review, 101(5), 2132–2156. CrossRef
Munnell, A., Soto, M., & Aubry, J. (2007). Do people plan to tap their home equity in retirement? (Number 7–7). Center for Retirement Research at Boston College. http://caied.com/pdf/pdf_bostonc.pdf. Accessed 13 Feb 2013.
Nakajima, M., & Telyukova, I. A. (2013). Reverse mortgage loans: A quantitative analysis. Federal Reserve Bank of Philadelphia, University of California, San Diego. http://econweb.ucsd.edu/~itelyukova/rmlnt-paper.pdf. Accessed 14 Nov 2013.
Poterba, J., Venti, S. F., & Wise, D. (2011). Demographic trends, housing equity, and the financial security of future retirees. In J. B. Shoven (Ed.), Demography and the economy (pp. 227–287). Chicago: University of Chicago Press, the National Bureau of Economic Research.
Redfoot, D. L., Scholen, K., & Brown, S. K. (2007). Reverse mortgages: Niche product or mainstream solution? Report on the 2006 AARP national survey of reverse mortgage shoppers (2007-22). Washington, D.C.: AARP Public Policy Institute.
Sevak, P., & Schmidt, L. (2011). Macroeconomic conditions and updating of expectations by older Americans (WP 2011-259). Ann Arbor, MI: Michigan Retirement Research Center. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1973081. Accessed 12 May, 2013.
Shan, H. (2011). Reversing the trend: the recent expansion of the reverse mortgage market. Real Estate Economics, 39(4), 743–768. CrossRef
Shiller, R. (2013). Online data Robert Shiller. http://www.econ.yale.edu/~shiller/data.htm. Accessed 12 Nov 2013.
Sinai, T., & Souleles, N. (2013). Can owning a home hedge the risk of moving? American Economic Journal: Economic Policy, 5(2), 282–313.
Szymanoski, E. J., Enriquez, J. C., & DiVenti, T. R. (2007). Home Equity Conversion Mortgage terminations: information to enhance the developing secondary market. Cityscape: A Journal of Policy Development and Research, 9(1), 5–46.
U.S Census Bureau. (2012). U.S. Statistical Abstract. http://www.census.gov/compendia/statab/cats /income_expenditures_poverty_wealth/household_income.html. Accessed 3 Mar 2013.
Venti, S. F., & Wise, D. A. (1991). Aging and the income value of housing wealth. Journal of Public Economics, 44, 371–397. CrossRef
- Spatial Variation in Reverse Mortgages Usage: House Price Dynamics and Consumer Selection
- Springer US
microm, Neuer Inhalt/© Stellmach, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Avaloq/© Avaloq Evolution AG, Avaloq/© Avaloq