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Extra info for AARP Reverse Mortgages and Linked Securities. The Complete Guide to Risk, Pricing, and Regulation
Transactions such as life settlements and reverse mortgages will allow seniors to tap into equity in their homes and life insurance policies that are largely independent from traditional creditworthiness metrics such as FICO credit scores and income levels. These transactions are instead based on the projected life expectancy of the individual(s). Simply put, the shorter the life expectancy for an individual the higher the payment she may receive for her life insurance policy or the higher the amount she may be eligible to borrow from a reverse mortgage.
In The Age of Aging, UBS Senior Economic Adviser, George Magnus, states:1 The number of people aged over 60 is expected to reach one billion by 2020 and almost two billion by 2050, some 22 percent of the world’s population. In Japan, this age group is expected to double to about 38 percent of the population, only a few percentage points higher than it is expected to be in China. In Europe and America it will account for about 28 percent and 21 percent respectively. And those aged over 80 are expected to account for about 4 percent of the world’s population, four times as big as now.
In fact, Reverse Mortgage Insights, Inc. net) has calculated that in 2009, reverse mortgages had tapped into only 2 percent of the total possible market. This lack of product acceptance has deep roots seeded in the Great Depression and nurtured by reports of fraud, abuse, and the lack of broad education about reverse mortgages. Ignorance of education about reverse mortgages was not due to lack of effort to educate. As in all markets dealing with seniors, consumer protection was an early consideration.