Reverse mortgages are becoming remarkably popular in the last few years in Australia, and although they have been around a lot longer in the United States, they are receiving renewed interest among the elderly. Increase in life expectancies and decrease in the real income at retirement due to inflation continue to worry the those who are retired or close to retirement. Today, financial products...

Abstract Using the government-sponsored enterprises’ sharp securitization rules, this paper provides evidence that, in aftermath of natural disasters, lenders are more likely to approve mortgages that can be securitized, thereby transferring climate risk. The identification strategy uses time-varying conforming loan limits above which enterprises do not securitize mortgages. Natural disasters l...

Abstract We analyze the distributional effects of macroprudential policy on mortgage cycles by exploiting U.K. register and a 2014 15% limit imposed lenders' high loan-to-income (LTI) mortgages. Constrained lenders issue fewer more expensive high-LTI mortgages, with stronger low-income borrowers. Unconstrained strongly substitute loans in local areas higher constrained lender presence, but not ...