Reverse Mortgages and the Economic Status of Elderly Women

Isaac F. Megbolugbe · David W. Rasmussen

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Financial Literacy, Pension, Retirement Analysis Housing Market and Economics Aging, Elder Care, and Social Issues

Abstract

Data from the 1990 Census of Population and Housing are used to estimate the potential demand for reverse mortgages among elderly women householders. A reverse mortgage product is simulated using parameters based on the Home Equity Conversion Mortgage insurance demonstration, and its effect on poverty and income distribution among this group is calculated. Approximately 1.8 million women with low incomes and home equity of $40,000 and above could see a significant increase in income under such a program.

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1990Research on the Elderly: Economic Status, Retirement, and Consumption and Saving 1989But They Don't Want to Reduce Housing Equity 1994Risk and the Home Equity Conversion Mortgage 1988The timing of falls into poverty after retirement and widowhood 1993Is Housing Wealth a Sideshow?1994Targeted retirement saving and the net worth of elderly Americans 1994Expenditure patterns of retired and nonretired persons 1986The National Potential of Home Equity Conversion

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2020Asset-Rich and Cash-Poor: Which Older Adults Value Reverse Mortgages?

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