期刊
JOURNALS OF GERONTOLOGY SERIES B-PSYCHOLOGICAL SCIENCES AND SOCIAL SCIENCES
卷 76, 期 5, 页码 986-995出版社
OXFORD UNIV PRESS INC
DOI: 10.1093/geronb/gbaa167
关键词
Consumer debt; Debt illusion; Reverse mortgage; Stress
资金
- John D. and Catherine T. MacArthur Foundation [11-98631-000-USP]
- U.S. Department of Housing and Urban Development [RP-12-OH-004]
- U.S. Social Security Administration (SSA) as part of the Retirement and Disability Consortium through the University of Wisconsin Retirement Research Center [RRC08098401]
The study found that consumer debt causes more stress per dollar of debt compared to mortgage debt, while reverse mortgages cause relatively lower stress per dollar of debt. Originating a reverse mortgage significantly increases the probability of reporting no and not very much debt stress.
Objectives: This study examines the relationship of debt stress and reverse mortgage borrowing and compares it to stress from standard mortgages and consumer debt. Debt stress is measured as a self-reported response to the amount of debt. Methods: Using a unique national data set of 1,026 homeowners who chose whether to obtain a reverse mortgage in 2010, we estimate the relationship of 2014 levels of debt stress with various types of debt, assets, and income. Using an ordered probit model, we address the endogeneity of our measures of mortgage and consumer debt using an instrumental variables regression model. Results: We found that consumer debt causes more stress per dollar of debt compared to mortgage debt. Reverse mortgages cause a relatively low level of stress per dollar of debt compared with standard mortgage debt. The average treatment effect of originating a reverse mortgage indicates statistically significantly higher probability of reporting no and not very much debt stress. Discussion: Reverse mortgage debt causes a complex stress response. Stress per dollar of debt is lower for reverse than standard mortgages 4 years after origination. However, reverse mortgages' loan balance grows over time causing total stress to increase, while stress from a standard mortgage decreases as it is repaid. If an older adult uses reverse mortgage funds to repay consumer debt then total stress is reduced.
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