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Housing Choices and Mortgage Financing Options for Seniors

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  • Karen Lahey
  • Melinda Newman
  • Doseong Kim

Abstract

Executive Summary.Why would an individual or couple who are age 55 or older have a mortgage on their primary residence or second home? Life-cycle financial patterns of behavior suggest that mortgages should be paid-off by this age. The purpose of this study is to examine the option of seniors to finance their primary residence and/or second home and the resulting difference(s), if any, in their asset allocations. Results indicate that the majority of seniors do have a mortgage. Based on probit and regression analyses, respondents are more likely to have a mortgage if they have a higher market value for their primary residence, a home equity line of credit, a second home, are not retired, and/or have a lower level of liquid assets.

Suggested Citation

  • Karen Lahey & Melinda Newman & Doseong Kim, 2006. "Housing Choices and Mortgage Financing Options for Seniors," Journal of Real Estate Portfolio Management, Taylor & Francis Journals, vol. 12(2), pages 103-118, January.
    • Handle: RePEc:taf:repmxx:v:12:y:2006:i:2:p:103-118
    DOI: 10.1080/10835547.2006.12089757
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