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The Influence Of Family And Community Ties On The Demand For Home Equity Conversion Mortgages, Kenneth Allen Knapp
The Influence Of Family And Community Ties On The Demand For Home Equity Conversion Mortgages, Kenneth Allen Knapp
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Reverse mortgages are loans against home equity that do not have to be repaid until the borrower moves, sells the home, or dies. The loans generally are available only to older homeowners, usually aged 62 or over. This paper explores whether demand for reverse mortgages is influenced by the strength of area’s family and community ties. One type of reverse mortgage is analyzed: the FHA-insured Home Equity Conversion Mortgage (HECM). Several researchers have estimated the potential demand for reverse mortgages. To my knowledge, this is the first study of how actual demand may be determined, and of how it may …