Abstract
Housing wealth is relatively illiquid. A growing number of ageing homeowners, who have a large proportion of their assets in housing equity, will need to monetize their housing wealth for retirement financing. However, the low take-up rate for home equity withdrawal instruments appears puzzling. Phang explores the different reasons behind the limited success of (i) the US Home Equity Conversion Mortgage; (ii) reverse mortgages in Singapore; and (iii) the HDB’s Lease Buyback Scheme. Data from the Singapore Life Panel surveys are used to inform the discussion on housing wealth, consumption patterns, and attitudes towards home equity extraction amongst senior households in Singapore.
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