The Home Equity Conversion Mortgage: A Study of Attitudes and Awareness

Stephanie Rauterkus, George Munchus and V.Carlos Slawson Jr.

Journal of Real Estate Portfolio Management, 2009, vol. 15, issue 3, 267-280

Abstract: Executive Summary. This study surveys senior homeowners to assess their attitudes and awareness regarding the Department of Housing and Urban Development's (HUD) Home Equity Conversion Mortgage (HECM) program. The results of this study indicate that program interest declines with age and varies by geographic region. Also, certain program attributes such as the irrelevance of borrower credit history are particularly attractive while others such as payment options and borrower protections appear to be confusing and misinterpreted. Adjusting the HECM program in accordance with these finding should help HUD to meet its goal of promoting housing stability and self-sufficiency for the elderly.

Date: 2009
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DOI: 10.1080/10835547.2009.12089850

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