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REVERSE MORTGAGE AND RISK MANEGEMENT IN REVERSE MORTGAGE MARKET

Yıl 2007, Cilt: 3 Sayı: 5, 209 - 225, 01.06.2007

Öz

Increased needs lead a development at new financial instruments. Mortgage Based Financing System; reverse mortgage, used at developed countries in a common way rather than developing countries, is a financial instrument occurred due to increasing needs. Reverse mortgage which is a regaining way of owned capital, attracts investors for its low credit risk. ‘House Rich’ and ‘Cash Poor’ old households, who are seeking satisfying their financial needs, use reverse mortgage. But application of reverse mortgage embedded some risks for the sides for this transaction

Kaynakça

  • AARP Oregon, Preventing and Responding to Senior Financial Abuse in Oregon, http://www. dfcs.oregon.gov/pdf/finabuse_eng.pdf, (Erişim Tarihi: 15.12.2006).
  • Ateş, Kamil (2005), “Amerika Birleşik Devletlerinde Mortgage Uygulamasında Vergi”, Vergi Dünyası Dergisi, Sayı:285, Mayıs, ss.50-53
  • Boehm, Thomas P, Ehrhardt, Michael C.(1994), “Reverse Mortgages and Interest Rate Risk”, Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, Summer, pp:387-408
  • BOYSAL, Haydar (1987), İpotek Sözleşmeleri Piyasası, Başlıca ipotek Sözleşmeleri Türleri ve İpotek Arkalı Yeni Menkul Kıymet Türlerinin Özellikle ABD Uygulaması Esas Alınarak İncelenmesi, SPK Raporu
  • Bradford, Case and Ann B, Schnare (1994), “Preliminary Evaluation of The HECM Reverse Mortgage Program”, Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, Summer, pp: 301-346.
  • Briefing Book. (2006), “S&P:Reverse Mortgage Securinization Headed for Growth, Mortgage Banking, Vol:66, No:11, pp: 13-16
  • Chinloy, Peter and Megbolugbe, Isac F. (1994 ), “Reverse Mortgage: Contractions and Crosover Risk” Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, pp:367-386
  • Chou, Kee-Lee, Chow, Nelson W.S and Chi, Irish. (2006), “Willingness to Consider Applying for Reverse Mortgage in Hong Kong Chinese Middle-Aged Homeowners”, Habitat International, Issue: 30, pp: 716-727
  • Davidoff, Thomas and Welke, Gerd. (2004) Selection and Moral Hazard in The Reverse Mortgage Market, http://home.gwu.edu/~alexbapt/Davidoff.pdf, (Erişim Tarihi: 25.12.2006)
  • Diventi, Theresa and Herzog, Thomas N. (1990), Modeling Home Equity Conversion Mortgages, Actuarial Research Clearing House Vol:2, http://www library.soa.org/library/arch/ 1990-99/ARCH90V23.pdf, (Erişim Tarihi: 25.12.2006).
  • Edelstein, Stephanie (1994). Reverse Mortgages: A Resource For Older Homeowners, http://www.fanniemaefoundation.org/programs/hpd/pdf/hpd_0404_redfoot.pdf, (Erişim Tarihi: 14.04.2006).
  • Edwards, Dougles J.(2005), “Reverse Mortgages Favored, But Seniors Wary”, Nursing Homes, Vol:54, No:3, pp:19-20
  • Fannie Mae, Considering Reverse Mortgage?, http://www.fanniemae.com/global/ pdf/homebuyers/ 5stepsforsafety.pdf, (Erişim Tarihi: 14.04.2006).
  • Fannie Mae, Money from Home: A Guide to Understanding Reverse Mortgages, http://www.fanniemae.com/global/pdf/homebuyers/moneyfromhome.pdf, (Erişim Tarihi: 14.04.2006).
  • Federal Trade Commission, Reverse Mortgages: Get The Facts Before Cashing in Your Home’s Equity FTC Facts for Consumers, (2005), http://www.ftc.gov/ bcp/conline/pubs/homes/rms.pdf, (Erişim Tarihi: 04.05.2006)
  • Financial Freedom –The Reverse Mortgage Specialist, A Reverse Mortgage Could Make All The Difference in Your Well-Being, http://www.ffsenior.com/Data/ FileManager/Literature/Selections%2017%20Final%20050505.pdf, (Erişim Tarihi: 04.05.2006).
  • Gibler, Karen Martin and Rabianski, Joseph.(1993), “Elderly Interest in Home Equity Conversion”, Housing Policy Debate, Vol:4, Issue:4, Fannie Mea, pp:563-588
  • Guarding the Golden Years: Reverse Mortgage, http://www.consumersunion.org/ finance/rmbwc798.htm, (Erişim Tarihi: 04.05.2006).
  • HECM, About Reverse Mortgages for Seniors Home Equity Conversion Mortgages (HECM), http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm, (Erişim Tarihi: 15.12.2006).
  • Home Made Money: A Consumer’s Guide Reverse to Mortgages, http://www.aarp.org/revmort/list, (Erişim Tarihi: 14.04.2006).
  • How Do I Get A Reverse Mortgage, http://www.mtgprofessor.com/A%20- %20Reverse %20Mortgages/how_do_i_get_a_reverse_mortgage.htm, 15.12.2006
  • Huan, Clarissa and Mahoney, Jim. (2002), “Equity Release Mortgages”, Housing Finance International, Vol:16, No:4, pp: 29-35
  • Kistner, William G. (1999), “Reverse Mortgages: A Source of Cash”, Healthcare Financial Management, Vol:53, No:6, pp: 82-84
  • Klein, Linda S.and Sirmans, C.F (1993), “Financial Innovation and Development of Reverse Mortgage Programs”, Benefits Qarterly, Vol:9, No:1, First Quarter, p p:29-38
  • Landis, Sarah. (2001), “Full Speed Reverse”, Barron’s, Vol:81, No:2, p:28
  • Learn About Reverse Mortgage, http://www.financialfreedom.com/ Reverse Mortgage/Process, (Erişim Tarihi: 14.04.2006).
  • Mayer, Christopher and Simons, Katerina V. (1993), “Reverse Mortgages and Liquidity of Housing Wealth, Federal Reserve Bank of Boston, Working Paper, No: 93-5.
  • Miceli, Thomas J and Sirmans, CF. (1994), “Reverse Mortgages and Borrower Maintenance Risk”, Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, pp:433-450
  • Office of Consumer Credit Commissioner, Moving Forward with a Reverse Mortgage? http://www.occc.state.tx.us/pages/consumer/education/ RevMortArt. htm, (ErişimTarihi: 14.04.2006)
  • Reverse Mortgage Consumer Tip Sheet (1999) Consumers Union West Coast Regional Office, http://www.consumersunion.org/finance/revconwc899.htm, (Erişim Tarihi:14.04. 2006).
  • Reverse Mortgage, http://www.reversemortgagenation.com/reverse-mortgage.html, (Erişim Tarihi: 14.04.2006).
  • Rodda, Devid and Herbert, Chiristopher.(2001), Evaluation Report of FHA’s Home Equity Conversion Mortgage Insurance Demonastration, Contract No: DU100C000005978, Task Order No:2.
  • Song, Han-Suck (2004), “Mortgage and Home Equity Insurances for Home Owners and Rent Insurance for Tenants, Stockholm, http://www.infra.kth.se/BYFA/ publikationer/ meddelandenOchAvhandlingar/67_paper2.pdf, (Erişim Tarihi: 15.12.2006).
  • Taylor, Diana L. The Reverse Mortgage, http://www.banking.state.ny.us, (Erişim Tarihi: 14.04.2006)
  • Trowbridge Deloitte, Managing Reverse Mortgage Risk, Is it a Journey Without Risk?, http://www.deloitte.com/dtt/cda/doc/content/Manageing%20Reverse%20Mortga ge%20Risk(1)Pdf, (Erişim Tarihi: 15.12.2006).
  • Uysal, Özge (1999), Piyasa Riskinin Tespitinde Kullanılan Riskteki Değer (Value at Risk) Yöntemi, Sermaye Piyasası Kurulu Aracılık Faaliyetleri Dairesi, Yeterlilik Etüdü, Ankara.
  • Weber, Joseph A and Chang, Echo. “The Reverse Mortgage and Its Ethical Concerns”, Journal of Personal Finance, Vol:5, Issue:1, 2006, pp:37-52
  • Wong, Victoria and Paz Garcia, Norma. (1999), There’s No Place Like Home: The Implications of Reverse Mortgages on Seniors in California, Consumers Union of U.S., Inc., West Coast Regional Office, http://www.consumersunion.org, (Erişim Tarihi: 14.04.2006).

TERSİNE MORTGAGE VE TERSİNE MORTGAGE PİYASASINDA RİSK YÖNETİMİ

Yıl 2007, Cilt: 3 Sayı: 5, 209 - 225, 01.06.2007

Öz

Artan ihtiyaçlar beraberinde yeni finansal araçların geliştirilmesine neden olmaktadır. Gelişmekte olan ülkelerde uygulaması son derece sınırlı olan ancak gelişmiş ülkelerde yaygın bir şekilde kullanılan gayrimenkul ipoteğine dayalı finansman sistemi; tersine mortgage artan ihtiyaçlar karşısında geliştirilmiş bir finansal araçtır. Tersine mortgage sahip olunan sermayenin bir tür geri kazanım yolu olup, düşük kredi riski ile yatırımcıların ilgisini çekmektedir. Finansal ihtiyaçlarını karşılama amacında olan “konut zengini ancak nakit fakiri” yaşlı insanlar tersine mortgage’yi kullanmaktadırlar. Ancak tersine mortgage uygulaması işleme taraf olanlar açısından bir takım riskleri de bünyesinde barındırmaktadır.

Kaynakça

  • AARP Oregon, Preventing and Responding to Senior Financial Abuse in Oregon, http://www. dfcs.oregon.gov/pdf/finabuse_eng.pdf, (Erişim Tarihi: 15.12.2006).
  • Ateş, Kamil (2005), “Amerika Birleşik Devletlerinde Mortgage Uygulamasında Vergi”, Vergi Dünyası Dergisi, Sayı:285, Mayıs, ss.50-53
  • Boehm, Thomas P, Ehrhardt, Michael C.(1994), “Reverse Mortgages and Interest Rate Risk”, Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, Summer, pp:387-408
  • BOYSAL, Haydar (1987), İpotek Sözleşmeleri Piyasası, Başlıca ipotek Sözleşmeleri Türleri ve İpotek Arkalı Yeni Menkul Kıymet Türlerinin Özellikle ABD Uygulaması Esas Alınarak İncelenmesi, SPK Raporu
  • Bradford, Case and Ann B, Schnare (1994), “Preliminary Evaluation of The HECM Reverse Mortgage Program”, Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, Summer, pp: 301-346.
  • Briefing Book. (2006), “S&P:Reverse Mortgage Securinization Headed for Growth, Mortgage Banking, Vol:66, No:11, pp: 13-16
  • Chinloy, Peter and Megbolugbe, Isac F. (1994 ), “Reverse Mortgage: Contractions and Crosover Risk” Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, pp:367-386
  • Chou, Kee-Lee, Chow, Nelson W.S and Chi, Irish. (2006), “Willingness to Consider Applying for Reverse Mortgage in Hong Kong Chinese Middle-Aged Homeowners”, Habitat International, Issue: 30, pp: 716-727
  • Davidoff, Thomas and Welke, Gerd. (2004) Selection and Moral Hazard in The Reverse Mortgage Market, http://home.gwu.edu/~alexbapt/Davidoff.pdf, (Erişim Tarihi: 25.12.2006)
  • Diventi, Theresa and Herzog, Thomas N. (1990), Modeling Home Equity Conversion Mortgages, Actuarial Research Clearing House Vol:2, http://www library.soa.org/library/arch/ 1990-99/ARCH90V23.pdf, (Erişim Tarihi: 25.12.2006).
  • Edelstein, Stephanie (1994). Reverse Mortgages: A Resource For Older Homeowners, http://www.fanniemaefoundation.org/programs/hpd/pdf/hpd_0404_redfoot.pdf, (Erişim Tarihi: 14.04.2006).
  • Edwards, Dougles J.(2005), “Reverse Mortgages Favored, But Seniors Wary”, Nursing Homes, Vol:54, No:3, pp:19-20
  • Fannie Mae, Considering Reverse Mortgage?, http://www.fanniemae.com/global/ pdf/homebuyers/ 5stepsforsafety.pdf, (Erişim Tarihi: 14.04.2006).
  • Fannie Mae, Money from Home: A Guide to Understanding Reverse Mortgages, http://www.fanniemae.com/global/pdf/homebuyers/moneyfromhome.pdf, (Erişim Tarihi: 14.04.2006).
  • Federal Trade Commission, Reverse Mortgages: Get The Facts Before Cashing in Your Home’s Equity FTC Facts for Consumers, (2005), http://www.ftc.gov/ bcp/conline/pubs/homes/rms.pdf, (Erişim Tarihi: 04.05.2006)
  • Financial Freedom –The Reverse Mortgage Specialist, A Reverse Mortgage Could Make All The Difference in Your Well-Being, http://www.ffsenior.com/Data/ FileManager/Literature/Selections%2017%20Final%20050505.pdf, (Erişim Tarihi: 04.05.2006).
  • Gibler, Karen Martin and Rabianski, Joseph.(1993), “Elderly Interest in Home Equity Conversion”, Housing Policy Debate, Vol:4, Issue:4, Fannie Mea, pp:563-588
  • Guarding the Golden Years: Reverse Mortgage, http://www.consumersunion.org/ finance/rmbwc798.htm, (Erişim Tarihi: 04.05.2006).
  • HECM, About Reverse Mortgages for Seniors Home Equity Conversion Mortgages (HECM), http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm, (Erişim Tarihi: 15.12.2006).
  • Home Made Money: A Consumer’s Guide Reverse to Mortgages, http://www.aarp.org/revmort/list, (Erişim Tarihi: 14.04.2006).
  • How Do I Get A Reverse Mortgage, http://www.mtgprofessor.com/A%20- %20Reverse %20Mortgages/how_do_i_get_a_reverse_mortgage.htm, 15.12.2006
  • Huan, Clarissa and Mahoney, Jim. (2002), “Equity Release Mortgages”, Housing Finance International, Vol:16, No:4, pp: 29-35
  • Kistner, William G. (1999), “Reverse Mortgages: A Source of Cash”, Healthcare Financial Management, Vol:53, No:6, pp: 82-84
  • Klein, Linda S.and Sirmans, C.F (1993), “Financial Innovation and Development of Reverse Mortgage Programs”, Benefits Qarterly, Vol:9, No:1, First Quarter, p p:29-38
  • Landis, Sarah. (2001), “Full Speed Reverse”, Barron’s, Vol:81, No:2, p:28
  • Learn About Reverse Mortgage, http://www.financialfreedom.com/ Reverse Mortgage/Process, (Erişim Tarihi: 14.04.2006).
  • Mayer, Christopher and Simons, Katerina V. (1993), “Reverse Mortgages and Liquidity of Housing Wealth, Federal Reserve Bank of Boston, Working Paper, No: 93-5.
  • Miceli, Thomas J and Sirmans, CF. (1994), “Reverse Mortgages and Borrower Maintenance Risk”, Journal of The American Real Estate and Urban Economics Association, Vol:22, No:25, pp:433-450
  • Office of Consumer Credit Commissioner, Moving Forward with a Reverse Mortgage? http://www.occc.state.tx.us/pages/consumer/education/ RevMortArt. htm, (ErişimTarihi: 14.04.2006)
  • Reverse Mortgage Consumer Tip Sheet (1999) Consumers Union West Coast Regional Office, http://www.consumersunion.org/finance/revconwc899.htm, (Erişim Tarihi:14.04. 2006).
  • Reverse Mortgage, http://www.reversemortgagenation.com/reverse-mortgage.html, (Erişim Tarihi: 14.04.2006).
  • Rodda, Devid and Herbert, Chiristopher.(2001), Evaluation Report of FHA’s Home Equity Conversion Mortgage Insurance Demonastration, Contract No: DU100C000005978, Task Order No:2.
  • Song, Han-Suck (2004), “Mortgage and Home Equity Insurances for Home Owners and Rent Insurance for Tenants, Stockholm, http://www.infra.kth.se/BYFA/ publikationer/ meddelandenOchAvhandlingar/67_paper2.pdf, (Erişim Tarihi: 15.12.2006).
  • Taylor, Diana L. The Reverse Mortgage, http://www.banking.state.ny.us, (Erişim Tarihi: 14.04.2006)
  • Trowbridge Deloitte, Managing Reverse Mortgage Risk, Is it a Journey Without Risk?, http://www.deloitte.com/dtt/cda/doc/content/Manageing%20Reverse%20Mortga ge%20Risk(1)Pdf, (Erişim Tarihi: 15.12.2006).
  • Uysal, Özge (1999), Piyasa Riskinin Tespitinde Kullanılan Riskteki Değer (Value at Risk) Yöntemi, Sermaye Piyasası Kurulu Aracılık Faaliyetleri Dairesi, Yeterlilik Etüdü, Ankara.
  • Weber, Joseph A and Chang, Echo. “The Reverse Mortgage and Its Ethical Concerns”, Journal of Personal Finance, Vol:5, Issue:1, 2006, pp:37-52
  • Wong, Victoria and Paz Garcia, Norma. (1999), There’s No Place Like Home: The Implications of Reverse Mortgages on Seniors in California, Consumers Union of U.S., Inc., West Coast Regional Office, http://www.consumersunion.org, (Erişim Tarihi: 14.04.2006).
Toplam 38 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Hasan Abdioğlu Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2007
Yayımlandığı Sayı Yıl 2007 Cilt: 3 Sayı: 5

Kaynak Göster

APA Abdioğlu, H. (2007). TERSİNE MORTGAGE VE TERSİNE MORTGAGE PİYASASINDA RİSK YÖNETİMİ. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 3(5), 209-225.