...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of Urban Economics >An analysis of default risk in the Home Equity Conversion Mortgage (HECM) program
【24h】

An analysis of default risk in the Home Equity Conversion Mortgage (HECM) program

机译：房屋净值抵押贷款（HECM）计划中的违约风险分析

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

While reverse mortgages are intended as a tool to enable financial security for older homeowners, in 2014, nearly 12 percent of reverse mortgage borrowers in the federally insured Home Equity Conversion Mortgage (HECM) program were in default on their property taxes or homeowners insurance. Unlike the traditional mortgage market, there were no risk-based underwriting guidelines for HECMs through 2014. In response to the relatively high default rate, a variety of policy responses were implemented, including establishing underwriting guidelines. However, there is a lack of data and analysis to inform such criteria. Our analysis follows 30,000 seniors counseled for reverse mortgages between 2006 and 2011. The data includes comprehensive financial and credit report attributes, not typically available in analyses of reverse mortgage borrowers. Using a bivariate probit model that accounts for selection, we estimate the likelihood of tax and insurance default. Financial characteristics that increase default risk include the percentage of funds withdrawn in the first month of the loan, a lower credit score, higher property tax to income ratio, low or no unused revolving credit, and a history of being past due on mortgage payments or having a tax lien on the property. Our estimate of the elasticity of default with respect to credit scores is similar to that for closed-end home equity loans, but higher than that for HELOCs. We simulate the effects of alternative underwriting criteria and policy changes on the probability of take-up and default. Reductions in the default rate with a minimal effect on participation can be achieved by requiring that participants with low credit scores set aside some of their HECM funds for future property tax and insurance payments, a form of escrowing. (C) 2015 Elsevier Inc. All rights reserved.
机译：尽管反向抵押贷款旨在作为为老年房主提供财务担保的工具，但在2014年，联邦政府担保的房屋净值抵押抵押贷款（HECM）计划中近12％的反向抵押贷款借款人未缴纳财产税或房主保险。与传统的抵押贷款市场不同，2014年之前，没有针对HECM的基于风险的承保准则。针对相对较高的违约率，已采取了多种政策应对措施，包括制定承保准则。但是，缺乏数据和分析来告知此类标准。我们的分析是在2006年至2011年间为30,000名被建议进行反向抵押贷款的老年人提供的。数据包括全面的财务和信用报告属性，通常在反向抵押贷款借款人的分析中不可用。使用考虑选择的双变量概率模型，我们估计税收和保险违约的可能性。增加违约风险的财务特征包括贷款第一个月提取的资金百分比，较低的信用评分，较高的财产税与收入之比，未使用的循环信用较低或没有，以及抵押贷款或对财产有税收留置权。我们对信用评分的违约弹性的估计与封闭式房屋净值贷款的估计相似，但高于HELOC。我们模拟了替代承保标准和政策变更对承购和违约概率的影响。通过要求将信用评分较低的参与者留出部分HECM资金用于未来的财产税和保险金的支付，可以降低违约率，从而对参与者的影响最小。 （C）2015 Elsevier Inc.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号