Working Paper No. 13-27 Reverse Mortgage Loans: a Quantitative Analysis Makoto Nakajima Federal Reserve Bank of Philadelphia Reverse Mortgage Loans: a Quantitative Analysis Federal Reserve Bank of Philadelphia
Working Paper No. 13-27 Reverse Mortgage Loans: a Quantitative Analysis Makoto Nakajima Federal Reserve Bank of Philadelphia Reverse Mortgage Loans: a Quantitative Analysis Federal Reserve Bank of Philadelphia
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第 13-27 号工作论文 反向抵押贷款：定量分析 Makoto Nakajima 费城联邦储备银行 反向抵押贷款：定量分析 费城联邦储备银行
DOI：
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发表时间：
2013
期刊：
影响因子：
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通讯作者：
Irina A. Telyukova
中科院分区：
文献类型：
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作者：
Irina A. Telyukova
反向抵押贷款(RML)允许年长的房主以住房财富为抵押借款，而无需搬家。尽管这个市场在增长，但在2011年，只有2.1%的合格房主拥有RMLs。在这篇文章中，我们在一个退休的生命周期模型中分析反向抵押贷款，该模型根据年龄-资产概况进行了校准。住房抵押贷款的事前福利收益相当可观，每户1,000美元；事后、低收入、低财富和健康状况不佳的家庭使用这些贷款。遗赠动机、养老院搬迁风险、房价风险以及利息和保险成本都是导致接受率较低的原因。该模型预测，住房抵押贷款的市场潜力为5.5%的家庭。在根特，听取他们的反馈。这里表达的观点是作者的观点，不一定代表费城联邦储备银行或联邦储备系统的观点。
Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. In spite of growth in this market, only 2.1% of eligible homeowners had RMLs in 2011. In this paper, we analyze reverse mortgages in a life-cycle model of retirement, calibrated to age-asset profiles. The ex-ante welfare gain from RMLs is sizable at $1,000 per household; ex-post, low-income, low-wealth and poor-health households use them. Bequest motives, nursing-home moving risk, house price risk, and interest and insurance costs all contribute to the low take-up rate. The model predicts market potential for RMLs to be 5.5% of households. in Ghent, for their feedback. The views expressed here are those of the authors and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System.