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Can “High Costs” Justify Weak Demand for the Home Equity Conversion Mortgage?

Thomas Davidoff.

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...