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dc.contributor.authorSun, Weien
dc.contributor.authorTriest, Robert K.en
dc.contributor.authorWebb, Anthonyen
dc.date.accessioned2012-06-20T16:10:07Z-
dc.date.available2012-06-20T16:10:07Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/59248-
dc.description.abstractWe 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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aPublic Policy Discussion Papers |x07-2en
dc.subject.jelD14en
dc.subject.jelD91en
dc.subject.jelG11en
dc.subject.jelJ14en
dc.subject.ddc330en
dc.titleOptimal retirement asset decumulation strategies: The impact of housing wealth-
dc.typeWorking Paperen
dc.identifier.ppn568696727en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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