Reverse Mortgage Loans: A Quantitative Analysis
通过校准的生命周期模型，量化分析反向抵押贷款对老年房主的福利影响，发现平均福利收益为252美元，并解释需求低迷的原因，同时模拟大衰退对不同群体的影响。
ABSTRACT Reverse mortgage loans (RMLs) allow older homeowners to borrow against housing wealth without moving. Despite rapid growth in this market, only 1.9% of eligible homeowners had RMLs in 2013. In this paper, we analyze reverse mortgages in a calibrated life‐cycle model of retirement. The average welfare gain from RMLs is $252 per homeowner, and $1,770 per RML borrower. Bequest motives, uncertainty about health and expenses, and loan costs account for low demand. According to the model, the Great Recession's impact differs across age, income, and wealth distributions, with a threefold increase in RML demand for lowest income and oldest households.