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Making use of Home Equity

2019-07Documento de Trabalho Acesso aberto
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dc.contributor.authorHolzmann, Robert
dc.contributor.authorAyuso, Mercedes
dc.contributor.authorBravo, Jorge Miguel
dc.contributor.institutionNOVA Information Management School (NOVA IMS)
dc.contributor.institutionInformation Management Research Center (MagIC) - NOVA Information Management School
dc.date.accessioned2019-10-15T23:29:27Z
dc.date.available2019-10-15T23:29:27Z
dc.date.issued2019-07
dc.descriptionHolzmann, R., Ayuso, M., & Bravo, J. M. (2019). Making use of Home Equity: The Potential of Housing Wealth to Enhance Retirement Security. (IZA Discussion Papers; No. 12656). IZA. Institute of Labor Economics.
dc.description.abstractThe demographic change underway, declining adequacy levels from traditional pay-as-you-go old-age social security systems, structural reforms in pension schemes and the reduction in the traditional family support have increased the need for additional private savings to cover the old age income gap. In this paper we discuss the necessity, the role and the viability of home equity release schemes in supplementing public and private pensions in an integrated way. We use the latest European data from the Eurosystem Household Finance and Consumption Survey (HFCS) to analyse the household's wealth composition and accumulation process in the euro area. To quantify the size of the housing wealth and its potential to enhance existing and future retirement income, we compute the equity-to-value ratio (ETV) for all countries, estimate the time to loan payoff and compute the amount of home equity that is expected to be released over a 10-year period through regular monthly mortgage payments. We then catalogue and discuss the many alternative options for managing and accessing housing wealth over the life cycle, and highlight the main characteristics, risks, advantages and drawbacks of the two most important market products (home reversion plans and reverse mortgages). Finally, we discuss the main demandside and supply-side obstacles and challenges to the development of equity release markets and extract some policy implications.en
dc.description.versionpublishersversion
dc.description.versionpublished
dc.format.extent32
dc.format.extent424440
dc.identifier.issn2365-9793
dc.identifier.otherPURE: 15024461
dc.identifier.otherPURE UUID: f38a5d0e-d6a1-47ce-a377-d7681b26091f
dc.identifier.otherORCID: /0000-0002-7389-5103/work/63389917
dc.identifier.urihttps://www.iza.org/publications/dp/12656/making-use-of-home-equity-the-potential-of-housing-wealth-to-enhance-retirement-security
dc.identifier.urlhttps://www.iza.org/publications/dp/12656/making-use-of-home-equity-the-potential-of-housing-wealth-to-enhance-retirement-security
dc.language.isoeng
dc.publisherIZA. Institute of Labor Economics
dc.subjectEquity release schemes
dc.subjectHousing wealth
dc.subjectReverse mortgage
dc.subjectHomeownership
dc.subjectRetirement income
dc.subjectPensions adequacy
dc.titleMaking use of Home Equityen
dc.title.subtitleThe Potential of Housing Wealth to Enhance Retirement Securityen
dc.typeworking paper
dspace.entity.typePublication
rcaap.rightsopenAccess

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