Aging in Place, Housing Maintenance, and Reverse Mortgages
研究了住房财富如何资助退休消费，发现原地养老和房屋维护选择对老年人储蓄决策很重要，反向抵押贷款的成本和维护要求会降低其吸引力，而结合强制出售保险可改善福利并增加贷款需求。
Abstract We study the role of housing wealth in financing retirement consumption. In our model retirees: 1. derive utility benefits from remaining in their home (aging in place); and 2. choose in each period whether to maintain their house. The evidence that we present shows that these features are important in explaining the saving decisions of the elderly. The costs and the maintenance requirement of reverse mortgages (RMs) reduce (or eliminate) the benefits of the loans for retirees who wish to do less maintenance. We evaluate the impact of different loan features on retirees’ utility, cash-flows to lenders, and to the government agency that provides mortgage insurance. We show that combining RMs with insurance against a forced home sale (e.g. due to a move to a nursing home) is Pareto improving and can lead to increased demand for the loans due to product complementarities.