Academic Research
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Research by the Academy for Home Equity in Financial Planning
Co-Founders: Torrey Larsen, Shelley Giordano • Director: Craig Lemoine https://ahe.illinois.edu/
Model Language for Broker Dealer Compliance: https://ahe.illinois.edu/2021/02/05/credit-and-home-equity-model-language-for-financial-services-firms/
Reverse Mortgage Synergy with Investments Increase Cashflow
- Sacks, Sacks, Walker: https://www.financialplanningassociation.org/article/reduce-risk-retirement-portfolio-exhaustion-include-home-equity-non-correlated-asset-OPEN
- Neuwirth, Peter, Barry H. Sacks, and Stephen R. Sacks. 2017. “Integrating Home Equity and Retirement Saving through the Rule of 30“. Journal of Financial Planning, 30(10): 52-62.
- Pfau, Wade. 2016. “Incorporating Home Equity into a Retirement Income Strategy.” Journal of Financial Planning 29 (4): 41–49.
- Pfeiffer, Shaun, John Salter, and Harold Evensky. 2013. “Increasing the Sustainable Withdrawal Rate Using the Standby Reverse Mortgage.” Journal of Financial Planning 26(12): 55-62.
- Pfeiffer, Shaun, C. Angus Schaal, and John Salter. 2014. “HECM Reverse Mortgages: Now or Last Resort?” Journal of Financial Planning 27(5): 44-51.
- Sacks, Barry H., and Stephen R. Sacks. 2012. “Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income.” Journal of Financial Planning 25(2): 43-52.
- Sacks, Barry, and Mary Jo Lafaye. 2016. “Case Study.” In Giordano, Shelley. 2016 “An Alternative Asset to Buffer Sequence-of-Return Risk in Retirement.” The Retirement Management Journal, 6(1): 17-26.
- Salter, John, Shaun Pfeiffer, and Harold Evensky. 2012. “Standby Reverse Mortgages: A Risk Management Tool for Retirement Distributions.” Journal of Financial Planning 25(8): 40–48.
- Tomlinson, Joe. 2014. “How Reverse Mortgages Improve Sustainable Withdrawal Rates.” Advisor Perspectives March 18.
- Tomlinson, Joe. 2015. “New Research: Reverse Mortgages, SPIAs and Retirement Income.” Advisor Perspectives April 14.
- Tomlinson, Joe, Shaun Pfeiffer and John Salter. 2016. “Reverse Mortgages, Annuities and Investments: Sorting Out the Options to Generate Sustainable Retirement Income.” Journal of Personal Finance, 15(1): 27 – 36.
- Wagner, Gerald C. 2013. “The 6.0 Percent Rule.” Journal of Financial Planning 26(12): 46 – 54. A 2014 update.
- Warshawsky, Mark J. 2017. “To Enhance Lifetime Retirement Security, Use Reverse Mortgages or Immediate Annuities?” Journal of Financial Planning 30(2): 52-60.
Reverse Mortgages in Financial Planning: Dr. Barb Stucki NCOA Reports
- https://www.ncoa.org/article/how-home-equity-and-cash-flow-impact-aging-in-place
- https://www.aarp.org/money/budgeting-saving/info-2022/torn-between-two-mortgages.html
- https://squaredawayblog.bc.edu/squared-away/using-home-equity-improves-retiree-health/
Tapping Home Equity” Retirees’ Relief Valve: https://glenn.osu.edu/debt-stress-and-debt-illusion-role-consumer-credit-reverse-and-standard-mortgages
Food insecurity among older adults in the U.S.: The role of mortgage borrowing: https://onlinelibrary.wiley.com/doi/10.1002/aepp.13219
How federally insured reverse mortgages affect the credit outcomes of older adults:
- https://onlinelibrary.wiley.com/doi/abs/10.1111/joca.12331
- https://www.thestreet.com/retirement-daily/planning-living-retirement/the-quest-for-home-equity-access-in-retirement
- https://www.thestreet.com/retirement-daily/learning-center/using-home-equity-to-solve-retirement-challenges
Jamie Hopkins on Academy Model Language for Broker Dealer Re Reverse Mortgages
- https://www.linkedin.com/feed/update/urn:li:activity:6764576304885964801/
- https://www.forbes.com/sites/jackguttentag/2021/02/17/hecm-reverse-mortgages-are-an-excellent-hedge-against-property-value-risk–especially-now/?sh=1bb7d86c3177
- https://www.soa.org/globalassets/assets/files/resources/research-report/2019/viability-spend-safely.pdf
Davidoff, Thomas
- 2015. “Can “High Costs” Justify Weak Demand for the Home Equity Conversion Mortgage?” Review of Financial Studies, Aug. 28(8): 2364-2398.
- Davison, Tom. 2014. “Strategic Uses of Reverse Mortgages for Affluent Clients.” ToolsforRetirementPlanning.com April 16.
- Davison, Tom. 2014 “Reverse Mortgage Funds Social Security Delay.” ToolsforRetirementPlanning.com March 3.
- Davison, Tom, and Turner, Keith. 2015 “The Reverse Mortgage: A Strategic Lifetime Income Planning Resource.” The Journal of Retirement, 3(2): 61-79.
Hopkins, Jamie Patrick. 2017. The Effect of Low Reverse Mortgage Literacy on Usage of Home Equity in Retirement Income Plans Journal of Financial Planning, 30(5): 44-52.
Johnson, David W. and Zamira S. Simkins. 2014. “Retirement Trends, Current Monetary Policy, and the Reverse Mortgage Market.” Journal of Financial Planning, 27(3): 52 – 59. Good explanation of tenure payments.
Giordano, Shelley. 2016 “An Alternative Asset to Buffer Sequence-of-Return Risk in Retirement.” The Retirement Management Journal, 6(1): 17-26.
Kitces, Michael:
- “Taking a Fresh Look at Reverse Mortgages in Retirement.” AICPA Advanced Personal Financial Planning Conference. January 21.
- Kitces, Michael. 2013. “Is a Reverse Mortgage Better Than Keeping a Traditional Amortizing Mortgage in Retirement?” Nerd’s Eye View. September 18.
- Kitces, Michael. 2011. “A Fresh Look at the Reverse Mortgage.” The Kitces Report. October.
- Kitces, Michael. 2011. “Evaluating Reverse Mortgage Strategies.” The Kitces Report. November.
Pepe, Stephen R. 2017. “The Home Equity Conversion Mortgage as a Long-Term Care Insurance Alternative for Financing In-Home Care.” Journal of Financial Service Professionals. July. Issue 4 (53-66).
Pfau, Wade, Joe Tomlinson, Steve Vernon. 2017. “Optimizing Retirement Income by Integrating Retirement Plans, IRAs, and Home Equity: A Framework for Evaluating Retirement Income Decisions.” Stanford Center on Longevity, November.
Pfau, Wade D. 2015. “Advisors Need a Fresh Look at Reverse Mortgages.” Advisor Perspectives December 1.
Sacks, Barry H., Mary Jo Lafaye, Stephen R. Sacks. 2017. “Using Housing Wealth to Facilitate Asset Division in “Silver Divorce” 3 Scenarios Show How Reverse Mortgages Can Simplify Divorce for Seniors.” Divorce Financial Analyst Journal. Forthcoming.
West, Thomas C. and Steven A Starnes. 2018 “Appropriate Investment Strategies During a Period of Care.” Journal of Financial Planning, January. 31(1): 37-39. “An HECM line of credit can be a good source of liquidity during a bear market and can meaningfully increase sustainable withdrawal rates, especially when implemented early in retirement…”
Books and General References
- Giordano, Shelley. 2019. “What’s the Deal with Reverse Mortgages?” 2nd Edition Rethink Press
- Pfau, Wade, 2018. “How to Use Reverse Mortgages to Secure Your Retirement” www.retirementresearcher
- Moulton, Stephanie: https://www.brookings.edu/wp-content/uploads/2019/10/ES_20191016_MoultonHaurin_ReverseMortgages.pdf
- https://repository.upenn.edu/prc_papers/693/ Working Paper on Reverse Mortgage Market with Chris Mayer Baily, Martin
- https://www.brookings.edu/research/the-unfulfilled-promise-of-reverse-mortgages-can-a-better-market-improve-retirement-security/
- https://www.gao.gov/assets/710/701676.pdf GAO Report on FHA HECM Program 2019
Media Mentions:
- https://reversemortgagedaily.com/2019/08/04/rmd-report-strong-business-favorable-demographics-drive-2019-optimism/
- reversemortgagedaily.com/2018/06/03/retirement-expert-joins-call-for-broker-dealers-to-lift-reverse-mortgage-ban/ Curtis Cloke
- https://www.onefpa.org/journal/Pages/OCT17-Integrating-Home-Equity-and-Retirement-Savings-through-the-Rule-of-30.aspx Sacks and Neuwirth
- http://www.futureofbusinessandtech.com/education-and-careers/utilizing-reverse-mortgages-to-conserve-your-retirement-nest-egg Giordano
- https://www.forbes.com/sites/wadepfau/2018/09/12/reverse-mortgage-background-and-history/#5d961b9f4e31 Pfau
- https://www.scotsmanguide.com/News/2018/08/Reverse-mortgages-are-gaining-acceptance-slowly Giordano
- www.forbes.com/sites/wadepfau/2018/12/20/updated-principal-limit-factor-tables/#2394c8946a4b
- Pfau
- https://www.forbes.com/sites/jamiehopkins/2018/03/30/researchers-say-reverse-mortgages-deserve-a-second-look/#39dcf25956b2 Hopkins
- https://www.forbes.com/sites/jamiehopkins/2018/04/26/relocating-in-retirement-dont-make-these-common-mistakes/#564709bc5d1b Kargacos
- http://www.investmentnews.com/article/20180122/BLOG09/180129987/financial-advisers-should-avoid-error-by-omission-and-consider Hopkins
- cfa-institute-magazine-fortune-of-reversal-cfa-institute-publications Pfau and Hopkins
- https://www.forbes.com/sites/jamiehopkins/2017/08/28/cfpb-releases-misleading-report-on-social-security-deferral-strategies/#a4e4f8d3a1b0
- https://www.google.com/amp/thehill.com/blogs/pundits-blog/finance/348318-our-consumer-financial-watchdog-misses-the-mark-on-social-security%3famp
- The Quiet Comeback of Reverse Mortgages in The New York Times
- Gray divorce on the rise with longevity trend in InvestmentNews
- Financial advisers need to prepare for the coming age wave in InvestmentNews
- ‘Silver’ Divorce Puts Strain On Retirement Income in Forbes
- Four reasons to consider a reverse mortgage when you retire in MarketWatch
- Permanent Life Insurance – the Utility Player of Holistic Financial Wellness in PeterNeuwirth.com
- Could a Reverse Mortgage Save Your Retirement? in U.S. News & World Report
- Putting it in reverse, advisors warm to reverse mortgages in CNBC
- Feds fine reverse-mortgage lenders for false advertising in Salina Journal
- UMD’s Smith School Announces Women’s Forum Speaker in Robert H. Smith School of Business
- Feature: The Financial Planning Mission in The Reverse Review
- New Thinking About Reverse Mortgages in The Wall Street Journal
- Data Key to Financial Planners’ Reverse Mortgage Perceptions in Reverse Mortgage Daily
- New Products and Correspondent Investor; Can Conventional Lenders do Reverse Mortgages Correctly? in All Daily News
- Pfau Advocates for Reverse Mortgages in Forbes in Reverse Mortgage Daily
- Taking an early reverse mortgage could be beneficial in Mortgage Professional America
- Rate Hike to Have Mixed Effect on Reverse Mortgages in Reverse Mortgage Daily
- Reactions to Trump’s Budget in Reverse Mortgages and Beyond in Reverse Mortgage Daily
- How will rising interest rates affect reverse mortgages? in Mortgage Professional America
- ‘Aging in America’ Report: On Money, Work and Finding Purpose in Next Avenue
- How Your House Can Help Pay For Retirement in Forbes
- Understanding Reverse Mortgages: An Interview with Shelley Giordano in Pension Section News
- Balancing Regulatory Risks and Rewards When Working with Financial Advisors in Reverse Mortgage Daily
- Fed Raises Interest Rates for Second Time in 2017 in Reverse Mortgage Daily
- The New York Times Got It Wrong About Reverse Mortgages in Forbes
- Reverse Mortgage Professionals Correct the Record on N.Y. Times Piece in Reverse Mortgage Daily
- American College’s ‘Funding Longevity Task Force’ Establishes Advisory Board in Life & Health Advisor
- How Tom Selleck helped a reverse mortgage lender rise to the top in The Orange County Register
- Reverse Mortgages That Work in Kiplinger
- AXA Establishes Relationship with Nationally Recognized Gerontologist on Aging Issues in Business Wire
- AXA taps gerontologist to lead advisor LTC training in Financial Planning
- AXA Adds Aging Expert to Educate Clients on LTC Needs in Life Annuity Specialist
- Reverse Mortgages Rules To Change Positively And Negatively For Retirees in Forbes
- Should you use a reverse mortgage to delay taking Social Security? in USA Today
- How to fund a Social Security delay in InvestmentNews
- Reverse mortgages under fire again in InvestmentNews
- Reverse mortgages: Are they right for your clients? in InvestmentNews
- Seniors Looking to Downsize Their Homes May Want to Consider this Reverse Mortgage Option
- WealthTrack Reverse Mortgages in Wealth Track https://rfs.knowledgecoop.com/videos/2504bbeb466120a3cffae6124c95e831
Marin Elder Law Published Articles by Pat Tobin: