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Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh
Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh
Research Collection Lee Kong Chian School Of Business
Home equity represents a substantial share of retirement wealth for many older persons, particularly in Asia where national housing policies have encouraged home-ownership. This paper explored the potential for reverse mortgages to help 'asset-rich and cash-poor' older Singaporeans unlock their home equity while ageing in place. The empirical analysis was based on a nationally representative survey of home-owners age 50+ in the 2018 Singapore Life Panel (N = 6,258). Our analyses showed that the average older home-owner holds some 60 per cent of total net wealth in housing equity, suggestive of high demand potential for reverse mortgage products. Nevertheless, actual …