Willingness analysis of middle-aged and older people’s participation in reverse mortgage schemes
Abstract
Enabling older adults to age at home is an urgent issue. This study focuses on the attitudes of middle-aged and older people (MAOP) in the capital cities of Taiwan, which are characterised by expensive housing prices and living costs, to examine their preferences for reverse mortgage (RM) schemes. The stated preference method and conditional multinomial logit model are utilised for analysis. The study simulates the total payment duration (TPD) and monthly payment amounts (MPA) to determine the market share of MAOPs’ choices regarding terms. The results indicate that MAOPs tend to opt for RM schemes when they have children, partly enhancing the preference toward the long-term alternative (AL). Increasing the MPA has a positive effect on the market share of the AL scheme, but the amount must be increased to 90% to replace the market share of non-participation schemes significantly. The experimental design of this study could serve as a reference for future RM scheme designs. The findings suggest that there should be more alternative funding sources in an ageing society, particularly through revitalising housing assets, to promote ageing in place.
Keyword : reverse mortgage, quasi-experiment, stated preference, ageing at home, capital city
How to Cite
Chen, C.-Y., & Wang, H.-C. (2024). Willingness analysis of middle-aged and older people’s participation in reverse mortgage schemes. International Journal of Strategic Property Management, 28(5), 272–285. https://doi.org/10.3846/ijspm.2024.22231
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Brown, R., & Zhang, Y. (2006). Senior housing. Journal of Housing For the Elderly, 20(1–2), 75–96. https://doi.org/10.1300/J081v20n01_05
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Chen, K. S., & Yang, J. J. (2020). Housing price dynamics, mortgage credit and reverse mortgage demand: Theory and empirical evidence. Real Estate Economics, 48(2), 599–632. https://doi.org/10.1111/1540-6229.12230
Cheng, Y. A. (2017). An aging analysis of housing owned in Taipei. Department of Land Administration, Taipei City Government.
Cho, D., Hanewald, K., & Sherris, M. (2015). Risk analysis for reverse mortgages with different payout designs. Asia-Pacific Journal of Risk and Insurance, 9(1), 77–105. https://doi.org/10.1515/apjri-2014-0012
Chou, K. L., Chow, N. W. S., & Chi, I. (2006). Willingness to consider applying for reverse mortgage in Hong Kong Chinese middle-aged homeowners. Habitat International, 30(3), 716–727. https://doi.org/10.1016/j.habitatint.2005.04.008
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Costa-Font, J., Gil, J., & Mascarilla, O. (2010). Housing wealth and housing decisions in old age: Sale and reversion. Housing Studies, 25(3), 375–395. https://doi.org/10.1080/02673031003711014
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Davidoff, T., Gerhard, P., & Post, T. (2017). Reverse mortgages: What homeowners (don’t) know and how it matters. Journal of Economic Behavior & Organization, 133, 151–171. https://doi.org/10.1016/j.jebo.2016.11.007
Debón, A., Montes, F., & Sala, R. (2013). Pricing reverse mortgages in Spain. European Actuarial Journal, 3(1), 23–43. https://doi.org/10.1007/s13385-013-0071-y
Di Lorenzo, G., Orlando, A., & Politano, M. (2020). The security mortgage valuation in a stochastic perspective. Electronic Journal of Applied Statistical Analysis, 13(1), 256–267.
Dillingh, R., Prast, H., Rossi, M., & Brancati, C. U. (2013). The psychology and economics of reverse mortgage attitudes: Evidence from the Netherlands (CeRP Working Papers No. 135). Center for Research on Pensions and Welfare Policies, Turin, Italy.
Dillingh, R., Prast, H., Rossi, M., & Brancati, C. U. (2017). Who wants to have their home and eat it too? Interest in reverse mortgages in the Netherlands. Journal of Housing Economics, 38, 25–37. https://doi.org/10.1016/j.jhe.2017.09.002
Fehr, H., & Hofmann, M. (2020). Tenure choice, portfolio structure and long-term care – Optimal risk management in retirement. The Journal of the Economics of Ageing, 17, Article 100240. https://doi.org/10.1016/j.jeoa.2020.100240
Fong, J. H., Mitchell, O. S., & Koh, B. S. K. (2021). Asset-rich and cash-poor: Which older adults value reverse mortgages? Ageing & Society, 43(5), 1104–1121. https://doi.org/10.1017/S0144686X21001045
Fratantoni, M. (1999). Reverse mortgage choices: A theoretical and empirical analysis of the borrowing decisions of elderly homeowners. Journal of Housing Research, 10(2), 189–208. https://doi.org/10.1080/10835547.1999.12091949
Friedline, T., Chen, Z., & Morrow, S. (2021). Families’ financial stress & well-being: The importance of the economy and economic environments. Journal of Family and Economic Issues, 42(Suppl. 1), 34–51. https://doi.org/10.1007/s10834-020-09694-9
Friedman, J., & Sjogren, J. (1981). Assets of the elderly as they retire. Social Security Bulletin, 44(1), 16–31.
Giefer, K. G., & King, M. D. (2021). One in six older Americans received needs-based assistance even before pandemic. https://www.census.gov/library/stories/2021/10/what-happens-when-older-adults-struggle-to-make-ends-meet.html
Greene, W. H. (2000). Econometric analysis. Pearson Education.
Haurin, D., Ma, C., Moulton, S., Schmeiser, M., Seligman, J., & Shi, W. (2016). Spatial variation in reverse mortgages usage: House price dynamics and consumer selection. The Journal of Real Estate Finance and Economics, 53(3), 392–417. https://doi.org/10.1007/s11146-014-9463-2
Hensher, D. A., Barnard, P. O., & Truong, T. P. (1988). The role of stated preference methods in studies of travel choice. Journal of Transport Economics and Policy, 22(1), 45–58.
Hsu, H. C., Chong, Y., & Osawa, E. (2023). Comparison of Asian countries and age groups in the attitudes toward active aging and impression of older adults. Journal of Aging & Social Policy, 35(4), 422–439. https://doi.org/10.1080/08959420.2022.2055418
Huang, H.-C., Wang, C.-W., & Miao, Y.-C. (2011). Securitisation of crossover risk in reverse mortgages. The Geneva Papers on Risk and Insurance. Issues and Practice, 36(4), 622–647. https://doi.org/10.1057/gpp.2011.23
Johnson, D., Worthington, A., & Brimble, M. (2015). The potential role of housing equity in a looming baby boomer retirement cash-flow crisis: An Australian perspective. Housing, Theory and Society, 32(3), 266–288. https://doi.org/10.1080/14036096.2015.1012275
Kao, S.-C. (2022, October 18). Reverse mortgage value increases less due to rate hikes. Taipei Times. https://www.taipeitimes.com/News/biz/archives/2022/10/18/2003787221
Knaack, P., Miller, M., & Stewart, F. (2020). Reverse mortgages, financial inclusion, and economic development: Potential benefit and risks (SSRN Scholarly Paper). Rochester, NY. https://doi.org/10.1596/1813-9450-9134
Lauricella, T. (2014). A kinder, gentler reverse mortgage? The Wall Street Journal. https://search.proquest.com/docview/1509230583?pq-origsite=primo
Leviton, R. (2002). Reverse mortgage decision-making. Journal of Aging & Social Policy, 13(4), 1–16. https://doi.org/10.1300/J031v13n04_01
Lindsey-Taliefero, D., & Kelly, L. (2021). Reverse mortgage lending disparities and the economically vulnerable. International Advances in Economic Research, 27(3), 159–169. https://doi.org/10.1007/s11294-021-09831-6
Maddala, G. S. (1989). Limited-dependent and qualitative variables in econometrics. Cambridge University Press.
Marcus, C. C. (1997). House as a mirror of self: Exploring the deeper meaning of home. Conari Press.
Marshall, G. L., Kahana, E., Gallo, W. T., Stansbury, K. L., & Thielke, S. (2021). The price of mental well-being in later life: The role of financial hardship and debt. Aging & Mental Health, 25(7), 1338–1344. https://doi.org/10.1080/13607863.2020.1758902
Mayer, C. J., & Simons, K. V. (1994). Reverse mortgages and the liquidity of housing wealth. Real Estate Economics, 22(2), 235–255. https://doi.org/10.1111/1540-6229.00634
McFadden, D. (1981). Econometric models of probabilistic choice. In Structural analysis of discrete data with econometric applications. MIT Press.
Merrill, S. R., Finkel, M., & Kutty, N. K. (1994). Potential beneficiaries from reverse mortgage products for elderly homeowners: An analysis of American housing survey data. Real Estate Economics, 22(2), 257–299. https://doi.org/10.1111/1540-6229.00635
Merton, R. C. (2007). The future of retirement planning. In The future of life-cycle saving and investing. Charlottesville, Va.
Ministry of Health and Welfare of Taiwan, Health Promotion Administration. (2018). Report of the senior citizen condition survey 2017.
Moulton, S., Loibl, C., & Haurin, D. (2017). Reverse mortgage motivations and outcomes: Insights from survey data. Cityscape, 19(1), 73–98.
Nakajima, M., & Telyukova, I. A. (2017). Reverse mortgage loans: A quantitative analysis. The Journal of Finance, 72(2), 911–950. https://doi.org/10.1111/jofi.12489
Naumanen, P., & Ruonavaara, H. (2016). Why not cash out home equity? Reflections on the Finnish case. Housing, Theory and Society, 33(2), 162–177. https://doi.org/10.1080/14036096.2015.1095234
OECD. (2018). Cost-benefit analysis and the environment: Further developments and policy use. OECD Publishing. https://doi.org/10.1787/9789264085169-en
Oliva, J. (2015, December 21). Taiwan Bank unveils first private reverse mortgage program. Reverse Mortgage Daily. https://www.housingwire.com/articles/taiwan-bank-unveils-first-private-reverse-mortgage-program/
Ong, R. (2008). Unlocking housing equity through reverse mortgages: The case of elderly homeowners in Australia. European Journal of Housing Policy, 8(1), 61–79. https://doi.org/10.1080/14616710701817166
Park, N., Heo, W., Ruiz-Menjivar, J., & Grable, J. E. (2017). Financial hardship, social support, and perceived stress. Journal of Financial Counseling and Planning, 28(2), 322–332. https://doi.org/10.1891/1052-3073.28.2.322
Rasul, F., Stansfeld, S. A., Hart, C. L., & Davey Smith, G. (2005). Psychological distress, physical illness, and risk of coronary heart disease. Journal of Epidemiology and Community Health, 59(2), 140–145. https://doi.org/10.1136/jech.2004.019786
Rhine, S. L. W., Di, W., Greene, W. H., & Perlmeter, E. (2016). Savings account ownership during the great recession. Journal of Family and Economic Issues, 37(3), 333–348. https://doi.org/10.1007/s10834-016-9489-0
Rodrigues, M., Silva, R., & Franco, M. (2023). COVID-19: Financial stress and well-being in families. Journal of Family Issues, 44(5), 1254–1275. https://doi.org/10.1177/0192513X211057009
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