Department of Human Sciences, The Ohio State University, Columbus.
Department of Economics, The Ohio State University, Columbus.
J Gerontol B Psychol Sci Soc Sci. 2020 Mar 9;75(4):869-878. doi: 10.1093/geronb/gby096.
Reverse mortgages allow adults aged 62 years and older to borrow against the equity in their homes without incurring monthly loan repayments. This study examines the relationship of reverse mortgage borrowing with older adults' satisfaction with their financial situation, housing, health, and daily life/leisure as well as with life as a whole.
A new national data set of 1,088 older adults, comprised of loan data, credit histories, and responses to a phone survey, was created. Our estimation strategy compares reverse mortgage borrowers to older adults who obtained mandatory counseling but not a reverse mortgage.
Reverse mortgage borrowers have significantly higher financial and housing satisfaction compared to nonborrowers; no differences were found for health, daily life/leisure, and general satisfaction. These satisfaction domains contribute differently to general satisfaction for reverse mortgage borrowers relative to nonborrowers: housing satisfaction has a greater influence for borrowers and health a greater influence for nonborrowers.
Our study provides new knowledge about the longer-term outcomes of reverse mortgage borrowers. The positive association of reverse mortgage borrowing for housing and financial satisfaction and, in turn, general satisfaction, provides insights regarding borrower experiences with this controversial financial tool.
反向抵押贷款允许年满 62 岁的成年人在无需按月偿还贷款的情况下，利用其房屋的资产净值进行借款。本研究考察了反向抵押贷款借款与老年人对其财务状况、住房、健康、日常生活/休闲以及整体生活的满意度之间的关系。
创建了一个由 1088 名老年人组成的新的全国性数据集，其中包括贷款数据、信用记录以及电话调查的回复。我们的估计策略将反向抵押贷款借款人与获得强制性咨询但未获得反向抵押贷款的老年人进行比较。
与非借款人相比，反向抵押贷款借款人在财务和住房方面的满意度显著更高；在健康、日常生活/休闲和总体满意度方面没有差异。与非借款人相比，这些满意度领域对反向抵押贷款借款人的总体满意度有不同的贡献：住房满意度对借款人的影响更大，而健康对非借款人的影响更大。
本研究提供了有关反向抵押贷款借款人长期结果的新知识。反向抵押贷款借款对住房和财务满意度的积极关联，进而对总体满意度的积极关联，为了解借款人对这种有争议的金融工具的体验提供了线索。
