A DYNAMIC DISCRETE CHOICE MODEL OF REVERSE MORTGAGE BORROWER BEHAVIOR
利用HECM项目独特数据，半参数估计借款人动态离散选择模型，揭示影响再融资、违约和终止决策的因素，为项目修改（如收入和信用要求）提供量化权衡。
Abstract Using unique data on reverse mortgage borrowers in the Home Equity Conversion Mortgage (HECM) program, we semiparametrically estimate a dynamic discrete choice model of borrower behavior. Our estimator is based on a new identification result we develop for models with multiple terminating actions. We show that the per‐period utility functions and discount factor are identified without restrictive, ad hoc identifying restrictions that lead to incorrect counterfactual implications. Our estimates provide insights about factors that influence HECM refinance, default, and termination decisions and allow us to quantify the trade‐offs involved for proposed program modifications, such as income and credit requirements.