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Mortality, Moveout, and Refinancing as Factors in HECM Reverse Mortgage Payoffs Author: Richard W. McConaghy Dissertation School: University of Massachusetts at Boston Pages: 314 Publication Date: June 2004 Availability: Access Number: 10773 Abstract: The fundamental purpose of this dissertation is to address issues regarding the timing of HECM reverse mortgage terminations so as to increase investor confidence in holding this instrument in portfolio and thus expand the secondary market for them. The specific purposes of this dissertation are: (1) to derive hazard rates for HECM reverse mortgage loan terminations that are accurate and meaningful to the lending and investment communities; (2) to identify factors that explain variability in HECM termination hazard rates; (3) to determine if HECM borrowers die or move out of their homes (the principal causes of repayment) at rates different than the elderly population at large; and (4) to determine the specific factors, and their relative magnitude, that might make refinancing of HECM mortgages worthwhile for the borrower and assess their potential impact on the observed rate of loan terminations. |
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