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Home Equity Conversion Instruments with Fixed Term to Maturity: Alternatives to End of Term Pay‐Off

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  • Maurice D. Weinrobe

Abstract

Standard reverse annuity mortgages obligate the lender to take on the risk that an elderly homeowner will desire to remain in a residence after the RAM has reached maturity. In this case, the best the lender can hope for is that the property will have appreciated sufficiently that the loan can be carried at interest only. There is a possibility for lender loss but not gain over contracted return. Alternatives to the standard RAM are explored in this paper with most attention devoted to shared appreciation and shared equity RAMs. These alternative instruments appear to solve the problem of maturity risk.

Suggested Citation

  • Maurice D. Weinrobe, 1983. "Home Equity Conversion Instruments with Fixed Term to Maturity: Alternatives to End of Term Pay‐Off," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(1), pages 83-96, March.
    • Handle: RePEc:bla:reesec:v:11:y:1983:i:1:p:83-96
    DOI: 10.1111/1540-6229.00281
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