|
EconStor >
Federal Reserve Bank of Boston >
Public Policy Discussion Papers, Federal Reserve Bank of Boston >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/59248
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Sun, Wei | | en_US |
| dc.contributor.author | | Triest, Robert K. | | en_US |
| dc.contributor.author | | Webb, Anthony | | en_US |
| dc.date.accessioned | | 2012-06-20T16:10:07Z | | - |
| dc.date.available | | 2012-06-20T16:10:07Z | | - |
| dc.date.issued | | 2007 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/59248 | | - |
| dc.description.abstract | | We estimate the relationship between the returns on housing, stocks, and bonds, and simulate a variety of decumulation strategies incorporating reverse mortgages. We show that homeowner's reversionary interest, the amount that can be borrowed through a reverse mortgage, is a surprisingly risky asset. Under our baseline assumptions we find that the average household would be as much as 24 percent better off taking a reverse mortgage as a lifetime income relative to what appears to be the most common strategy: delaying tapping housing wealth until financial wealth is exhausted and then taking a line of credit. In addition, the results show that housing wealth displaces bonds in optimal portfolios, making the low rate of participation in the stock market even more of a puzzle. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Federal Reserve Bank of Boston Boston, Mass. | | en_US |
| dc.relation.ispartofseries | | Public policy Discussion Papers, Federal Reserve Bank of Boston 07,2 | | en_US |
| dc.subject.jel | | D14 | | en_US |
| dc.subject.jel | | D91 | | en_US |
| dc.subject.jel | | G11 | | en_US |
| dc.subject.jel | | J14 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.title | | Optimal retirement asset decumulation strategies: The impact of housing wealth | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 568696727 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Public Policy Discussion Papers, Federal Reserve Bank of Boston
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|