This paper studies a household's optimal demand for a reverse mortgage. These contracts allow homeowners to tap their … home equity to finance consumption needs. In stylized frameworks, we show that the decision to enter a reverse mortgage is … reduces the risky portfolio share and is more likely to enter a reverse mortgage. On the other hand, if there is a large drop …

This study investigates homeownership decisions of young adult children who experienced parental foreclosure. The … and 2011 had the strongest negative effects; yet, young adults appeared to postpone rather than giving up homeownership … foreclosure effects exceeded the positive effects of savings, making homeownership less likely among foreclosure witnesses who …

mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using … declines in the homeownership rates …

fluctuation and households' liquid portfolio choice. To isolate exogenous variation in homeowners' home equity and mortgage debt … elasticity of risky asset shares with respect to mortgage debt and home equity is -0.31 and 0.28 respectively in pre …-crisis period. On the other hand, whereas for the post-crisis period, the elasticity of risky asset shares with respect to mortgage …

, we document the association between house prices and homeownership at age thirty. We then use synthetic cohort methods to …

We study the link between homeownership and entrepreneurship using a model of occupational choice and housing tenure … where homeowners commit a fixed budget to mortgage payments. Our model predicts that: (i) mortgage commitments, by … amplifying risk aversion, diminish the likelihood that homeowners start a business; (ii) the negative link between homeownership …

We study the link between homeownership, mortgage debt, and entrepreneurship using a model of occupational choice and … housing tenure where homeowners commit to mortgage payments. Our model predicts that, as long as mortgage rates exceed the … rate of interest on liquid wealth: (i) mortgage debt, by amplifying risk aversion, diminishes the likelihood that …

increase with the mortgage interest rate. These theoretical results are supported by empirical analysis, which also shows that …

points increase in annual growth rate of mortgage lending by CRA-regulated banks to CRA-eligible census tracts relative to a … the CRA, however, do not show any change in their mortgage supply between these two types of census tracts after 1998. I … take advantage of this exogenous shift in mortgage supply within an instrumental variable framework to identify the causal …