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Reverse mortgage: overview, potential for Portugal and impact of Covid-19 crisis
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This paper examines the Reverse Mortgage (RM) market development. It discusses potential market failures, such as adverse selection, and possible solutions. It is debated whether RM would thrive in Portugal by establishing a parallelism with Spain, and performing an empirical evaluation of borrowers’ potential demand, via survey. TheCOVID-19impactin the U.S. is studied, focusing on the aggregate demand drivers(interest rates, economic state, and disbursed amount). The results suggest that the RM market is resilient, flexible, and a good solution to liquidity issues. It does not seem, however, to be viable inmost countries due to regulatory matters and borrowers’ financial illiteracy.
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Reverse mortgage Hecm Covid-19 Portugal Pension Biden Libor Aging societies