We examine the optimal dynamic portfolio decisions for investors that either rent or own a house in the presence of reverse mortgages. Using stochastic dynamic programming different scenarios are modelled to find out how the existence of reverse mortgages changes the decision or the point in...

This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds, stocks and real estate for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). Based on a macroeconomic multifactor model, a variety of...

Saving for retirement and the acquisition of a private home are among the most important decisions private investors face in their lives. Tax rules are an important factor influencing household portfolio structure. Both the taxable treatment of housing and assets in tax-deferred retirement...