This paper examines how the extraction of home equity, including but not limited to equity extracted through reverse mortgages, affects credit outcomes of senior households. We use data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel, supplemented with our unique credit...

This paper outlines an approach to constructing a Dynamic Housing Affordability Index (DHAI) that reflects the true cost of owner-occupied housing and performs well in tracking changes in the demand for homeownership and other aspects of the housing market. Our index is grounded in user cost...

This paper links the literatures on the life cycle hypothesis, homeownership, home equity, and pensions. Empirically, the focus is on the E.U. and U.S. It explores the extent that seniors extract their home equity and discusses the financial instruments available for equity extraction. We use...

Objectives: Reverse mortgages allow adults aged 62 and older to borrow against the equity in their homes without incurring monthly loan repayments. This study examines the relationship of reverse mortgage borrowing with older adults' satisfaction with their financial situation, housing, health,...

Households borrow against home equity through different types of mortgages: closed end home equity loans or revolving lines of credit, cash-out refinancing, and—for senior homeowners—reverse mortgages. The objective of this study is to identify how borrowing constraints and the lending...

Housing wealth is a largely untapped resource that can help older adults supplement their incomes and buffer financial shocks in retirement. The federally insured reverse mortgage offers adults age 62 and older access to home equity with no required monthly payment, and protection for homeowners...