in The Review of Financial Studies
August 2015; p ublished online March 2015 .
Journal Article. Subjects: National Government Expenditures and Related Policies; Economics; Demographic Economics; Public Economics; Banking; Household Analysis. 15226 words.
Home Equity Conversion Mortgages (“HECMs”) implicitly bundle nondefaultable credit lines with put options that let borrowers, or their heirs, sell mortgaged homes for the credit line limit...