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Seniors’ Home Equity Extraction: Credit Constraints and Borrowing Channels

Households borrow against equity through different channels: closed end home equity loans or revolving lines of credit, cash-out refinancing, and — for senior homeowners — reverse mortgages. We jointly estimate the decision to extract equity through these channels, identifying the influence of credit constraints and house price dynamics on the proportion of seniors in a ZIP code extracting through a given channel from 2004 to 2012. As house prices increased, cash-out refinancing increased in credit-constrained areas, while HELOCs increased in less-credit-constrained areas. When house prices fell, reverse mortgage originations increased — particularly in credit-constrained areas.