Housing Equity Withdrawal in Australia: Prevalence, Patterns and Motivations in Mid-to-late Life

Ong, Rachel; Wood, Gavin; Austen, Siobhan; Jefferson, Therese; Haffner, Marietta

doi:10.1080/02673037.2015.1009875

Cited by 25 publications

(32 citation statements)

References 14 publications

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“…In many countries, wealth accumulated in the primary home dominates the elderly's asset portfolios (Chiuri and Jappelli, 2010) helped by sustained house price increases through the mid-1990s and early 2000s. These price increases and the prior deregulation of mortgage markets has prompted the introduction of innovative equity release products that allow home owners to convert housing equity into cash (Ong et al , 2013a, 2013c). This has resulted in a policy milieu in a number of countries where home owners are increasingly expected to draw on personal assets, including the primary home, to meet their welfare needs in old age (Doling and Ronald, 2010).…”

Section: Introductionmentioning

confidence: 99%

Housing Equity Withdrawal: Perceptions of Obstacles among Older Australian Home Owners and associated Service Providers

et al. 2017

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Housing wealth dominates the asset portfolios of the older population in Australia and many other countries. Given the anticipated spike in fiscal costs associated with population ageing, there is growing policy interest in housing equity withdrawal (HEW) to finance living needs in retirement. This paper sheds light on homeowners' perceptions of the obstacles associated with two forms of HEW: mortgage equity withdrawal (where the in situ home owner increases his/her housing-related debt) and downsizing (where housing equity is released by moving to a lower-valued property). We uncover a series of age-specific barriers impeding older Australians' use of these forms of HEW through qualitative analysis of semi-structured interviews conducted with home owners and professional service providers in related areas of policy and practice. To that end, we recommend the development of a range of safeguards that will minimise the risk exposure and other obstacles associated with HEW for older home owners. IntroductionThe quest for home ownership can be motivated by a range of perceived benefits associated with financial and accommodation security. Increasingly, however,

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Section: Introductionmentioning

confidence: 99%

Housing Equity Withdrawal: Perceptions of Obstacles among Older Australian Home Owners and associated Service Providers

et al. 2017

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“…Home equity release products have generally been promoted as a means of tapping the equity trapped in residential houses (KUMAR 2013). This especially pertains to retired elderly homeowners, whose debtfree properties form the major part of their net assets (ONG et al 2015). The continuing increase in the cost of providing old-age related payments and services amidst a persistent global economic crisis is linked to the growing popularity of real estate assets as a potential source of income capable of supplementing the dwindling pension fund and various social security funds in many countries (DOLING 2010;.…”

Section: Literature Reviewmentioning

confidence: 99%

Determinants of Reverse Mortgage Usage in Malaysia

Mohammed

Sulaiman

2018

Real Estate Management and Valuation

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This study aims to identify the factors that influence a household’s willingness to use reverse mortgage as a source of supplementary income in old age by adopting the original Theory of Planned Behavior (TPB) and extending it with three other additional constructs. Using a convenience sampling technique, a total of 391 valid questionnaires were used for data analysis. The data analysis was conducted using the SmartPLS software, version 3.2.6. The results suggest that the sense of attachment to a place, attitude, motive of bequest, social influence and perceived ability positively influence a household’s willingness to use reverse mortgage, while financial behavior was found to negatively influence the willingness to do so. The findings of this study extend the application of the TPB to the domain of reverse mortgage product.

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“…First, in anticipation of reduced mobility and increased health problems, people may find comfort, accessibility and safety of a dwelling and the surroundings more important than before (Gobillon and Wolff 2011;Feng et al 2018;Costa-Font 2013;Liu et al 2017;Pope and Kang 2010). 3 Second, people may want to downsize because the need for living space decreases when children leave the house, or due to a fall in revenues after retirement (Bian 2016;Eichholtz and Lindenthal 2014;Painter and Lee 2009;Ong et al 2015;Abramsson and Andersson 2016). Finally, a new preference for shared facilities where elderly can meet each other, may arise (see Bohle et al 2014 and the references therein).…”

Section: Introductionmentioning

confidence: 99%

Best living concepts for elderly homeowners: combining a stated choice experiment with architectural design

Ossokina

Arentze

Gameren

et al. 2019

J Hous and the Built Environ

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In this paper we combine the insights from social sciences and architecture to design best living concepts for a specific target group, elderly homeowners. We perform a stated choice experiment to study residential preferences of this group and translate the results into an architectural design of senior-friendly housing. This methodological approach is novel to the literature. We derive the willingness-to-pay for different residential attributes and show how these attributes can be traded off against each other to create best living concepts. We discuss how these living concepts can be translated into customized architectural design while making use of standard architectural elements.

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Housing Equity Withdrawal in Australia: Prevalence, Patterns and Motivations in Mid-to-late Life

Cited by 25 publications

References 14 publications

Housing Equity Withdrawal: Perceptions of Obstacles among Older Australian Home Owners and associated Service Providers

Housing Equity Withdrawal: Perceptions of Obstacles among Older Australian Home Owners and associated Service Providers

Determinants of Reverse Mortgage Usage in Malaysia

Best living concepts for elderly homeowners: combining a stated choice experiment with architectural design

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