University of Castilla-La Mancha Describes Findings in People-Environment Relations (The reverse mortgage: a tool for funding long-term care and increasing public housing supply in Spain)

2020 DEC 09 (NewsRx) -- By a News Reporter-Staff News Editor at Daily Real Estate News -- Investigators discuss new findings in People-Environment Relations. According to news reporting from Ciudad Real, Spain, by NewsRx journalists, research stated, “Population ageing is one of the most significant challenges facing the world in the twenty-first century. Furthermore, people aged over 65 typically have a level of income below the national average, but the homeownership rate among those in this age group tends to be high.”

Financial support for this research came from Universidad de Castilla-La Mancha.

The news correspondents obtained a quote from the research from the University of Castilla-La Mancha, “Equity release schemes, specifically reverse mortgages, can help cover increased care costs and ensure a reasonable level of income, thus guaranteeing the well-being of older adults. However, this product has not been greatly developed by private entities. If the State were to implement this financial operation through public administrations, it could obtain homes that might then be included in public housing stocks. Thus, our paper aims to contribute to the literature on government-based reverse mortgage systems. Under our assumptions, the results showed that if 313,833 homes were reverse-mortgaged, the investment by the public administration would be around 0.73% GDP, with this being a feasible proposal.”

According to the news reporters, the research concluded: “This work helps to create alternative methods to finance problems related with the ageing of societies from a public perspective.”

This research has been peer-reviewed.

For more information on this research see: The reverse mortgage: a tool for funding long-term care and increasing public housing supply in Spain. Journal of Housing and the Built Environment, 2020:1-25. Journal of Housing and the Built Environment can be contacted at: Springer, 233 Spring Street, New York, NY 10013, USA. (Springer - www.springer.com; Journal of Housing and the Built Environment - http://www.springerlink.com/content/1566-4910/)

Our news journalists report that additional information may be obtained by contacting Isabel Pardo-Garcia, Facultad de Ciencias Economicas y Empresariales, University of Castilla-La Mancha, Ciudad Real, Spain. Additional authors for this research include Roberto Martinez-Lacoba and Francisco Escribano-Sotos.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1007/s10901-020-09794-w. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

Publisher contact information for the Journal of Housing and the Built Environment is: Springer, 233 Spring Street, New York, NY 10013, USA.

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