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首页> 外文期刊>The Review of Economic Studies >Aging In Place, Housing Maintenance, and Reverse Mortgages
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Aging In Place, Housing Maintenance, and Reverse Mortgages

机译：老化到位，住房维护和反向抵押贷款

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摘要

We study the role of housing wealth in financing retirement consumption. In our model retirees: 1. derive utility benefits from remaining in their home (aging in place); and 2. choose in each period whether to maintain their house. The evidence that we present shows that these features are important in explaining the saving decisions of the elderly. The costs and the maintenance requirement of reverse mortgages (RMs) reduce (or eliminate) the benefits of the loans for retirees who wish to do less maintenance. We evaluate the impact of different loan features on retirees' utility, cash-flows to lenders, and to the government agency that provides mortgage insurance. We show that combining RMs with insurance against a forced home sale (e.g. due to a move to a nursing home) is Pareto improving and can lead to increased demand for the loans due to product complementarities.
机译：我们研究住房财富在融资退休消费中的作用。 在我们的模型退休人员中：1。从他们的家中留下的实用效益（老化到位）; 2.在每个时期选择是否保持房屋。 我们展示的证据表明，这些特征对于解释老年人的节约决策很重要。 反向抵押贷款（RMS）的成本和维护要求减少（或消除）贷款的逾期贷款，他们希望减少维护。 我们评估不同贷款特征对退休人员，现金流量的影响，以及提供抵押保险的政府机构。 我们展示了与强迫房屋销售的保险合并RMS（例如，由于搬到养老院）是帕累托改善，可能导致由于产品互补性导致贷款的需求增加。

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