Electronic Resource
Oxford, UK
:
Blackwell Publishing Ltd
Real estate economics
22 (1994), S. 0
ISSN:
1540-6229
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
Housing wealth constitutes most of the non-pension wealth of the elderly population. This study analyzes the potential of reverse mortgages to increase the income and liquid wealth of the elderly by identifying households with relatively high levels of housing equity. Because this article looks at the whole distribution of elderly households and considers debt as well as income, it finds a larger potential market for reverse mortgages than previous studies.Calculations from the 1990 Survey of Income and Program Participation and Census population estimates show that over six million homeowners in the United States could increase their effective monthly income by at least 20% by using a reverse mortgage. Of these, more than 1.3 million have no children. Furthermore, a reverse mortgage would allow over 1.4 million poor elderly persons to raise their incomes above the poverty line.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/1540-6229.00634
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