The National Potential of Home Equity Conversion

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20 citations0/0 files storedThe Gerontologist

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

Abstract

Home equity is the most underutilized asset owned by a majority of the elderly. Examined were the potential effects of converting home equity into spendable income using “reverse mortgages.” The analysis revealed that reverse mortgage loans could have a substantial impact on the budgets of many elderly homeowners, with impressive percentage increases in income and decreases in poverty rates. Home equity conversion could also contribute to older owners' capacity to keep up with housing expenses or finance long-term care.

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1996Reverse Mortgages and the Economic Status of Elderly Women 2020Asset-Rich and Cash-Poor: Which Older Adults Value Reverse Mortgages?

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