Risk of reverse mortgages – a perspective of crediting institutions
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
Reverse mortgages are financial products which enable conversion of capi-tal allocated in real property into liquid financial resources. Because predicted unfavorable demographic changes and low effectiveness of pension system in Poland, for last several years there have been conducted works on implementing such loans on Polish financial market. In particular, in period 2010-2011 the preparations were focused on adjusting Polish law to have loans provided according to precise legal regulations and only by institutions under strict financial supervision. Apart from legal changes, the introducing of reverse mortgage in Poland require many adjustments in crediting institutions, which will have to manage new risk types such as: longevity risk, real property price, maintenance and selling risk. Also, in case of reverse mortgages, the interest rate risk man-agement will be different comparing to interest risk management of traditional mortgage loans.
Authors and Affiliations
Michał Buszko
Keywords
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