Reverse Mortgages and Linked Securities. The Complete Guide to Risk, Pricing, and Regulation. Wiley Finance

Transcription

1 Brochure More information from Reverse Mortgages and Linked Securities. The Complete Guide to Risk, Pricing, and Regulation. Wiley Finance Description: An institutional investor's guide to the burgeoning field of reverse mortgage securitization Reverse Mortgages and Linked Securities is a contributed title comprising many of the leading minds in the Home Equity Conversion Mortgages (HECM) industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators. This book begins with a brief history of reverse mortgages, and quickly moves on to discuss how the industry has evolved-detailing the players in these markets as well as the process. It discusses the securitization of reverse mortgages and other linked securities and includes coverage of pricing techniques and risk mitigation. This reliable resource also takes the time to cover the current regulatory environment of the HECM market, which is constantly changing due to the current state of the real estate market. - Highlights specific strategies that will allow institutional investors to benefit from the resurgence of reverse mortgages and linked securities - One of the only guides to reverse mortgages and linked securities targeted towards institutional investors interested in securitized products If you want to make the most of reverse mortgages and linked securities, take the time to read this book. Contents: Preface. Acknowledgments. List of Contributors. Part One Reverse Mortgage Basics. Chapter 1 Reverse Mortgage Primer. Loan Disbursements. Overview of Lender Challenges. Chapter 2 The History of Reverse Mortgages an Insider's View. Formative Years. Private Programs. First Lifetime Reverse Mortgages. Fannie Mae Stakes a Claim to the Marketplace. Roots of the Securitization of Reverse Mortgages. Chapter 3 HECM Explained Reverse Mortgages Originated through the Home Equity Conversion Mortgage (HECM) Program. Legislative History and Program Fundamentals.

2 Disbursing Funds and Calculating Loans and Interest. Changes to the Program Following the 2008 Act. Consumer Focused Elements of the Program. Part Two Underwriting and Risk Analysis. Chapter 4 Underwriting Reverse Mortgages. Underwriting Life Expectancy. Life Settlement versus Reverse Mortgage Underwriting. Simplicity of the Current Reverse Mortgage Underwriting Process. Why Does Underwriting Matter? Proposed Elements of Reverse Mortgage Underwriting. Chapter 5 Risk Mitigation from Existing and Proposed Financial Products. Reverse Mortgage Risks. Agency versus Non-Conforming Loans. Chapter 6 Longevity Risk and Fair Value Accounting. Longevity Cost Calculator as a Loan Underwriting and Pricing Tool. Reverse Mortgage Loan Pricing Using the Longevity Cost Calculator Existing Accounting Framework. Suggested GAAP Compliant Methodology to Standardize Life Settlement Underwriting. Chapter 7 Risk Mitigation Available Hedges & Products in Development for Risk Transfer. Hedging Crossover Components in the Capital Markets. Insurance Solutions. Chapter 8 Criteria for Rating U.K. Reverse Mortgage-Backed Securities. Overview of Reverse (Equity Release) Mortgages. Reverse Mortgage-Backed Securitization. Mortality Assumptions. Prepayment Assumptions. House Price Increase Assumptions.

3 HPI in Year 1. HPI in Years HPI in Years 16 to Legal Final Maturity Date. Costs and Sale Period. Part Three Tax Treatment. Chapter 9 United States Federal Income Tax Aspects of Reverse Mortgages. What is a Reverse Mortgage? Deductibility of Interest Payments on Reverse Mortgages. Securitization of Reverse Mortgage Loans Through REMIC Structures. Practical Observations Regarding Investment Reverse Mortgage REMIC Securities. Part Four Reverse Mortgages in Context. Chapter 10 Unlocking Housing Equity in Japan. Implementation in the Japanese Context. Feasibility of Reverse Mortgages in Japan. Chapter 11 The Secondary Market in Home Equity Conversion Mortgages. The Reverse Mortgage to Liquidate Home Equity. HECM: A Financial Innovation. Cash Flows, Risk, and Uncertainty. The Secondary Market for HECM. HECM Securitization. Longevity Risk Embedded in HECM. The Constraints of the Underlying Asset. Concluding Remarks. Appendix A Housing Wealth Among the Elderly. Wealth in Housing. Owner-Occupancy Rates. How Risky is Housing Wealth?

4 Do the Elderly Decumulate their Housing Wealth? Appendix B: Reverse Mortgage Analytics. Determining the Payout Values: Practical Considerations. Computing Payout Values: An Example. Notes. Glossary. About the Author. About the Contributors. Index. Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8, Ireland.

5 Page 1 of 2 Fax Order Form To place an order via fax simply print this form, fill in the information below and fax the completed form to (from USA) or (from Rest of World). If you have any questions please visit Order Information Please verify that the product information is correct. Product Name: Web Address: Office Code: Reverse Mortgages and Linked Securities. The Complete Guide to Risk, Pricing, and Regulation. Wiley Finance SC Product Format Please select the product format and quantity you require: Hard Copy (Hard Back): Quantity USD USD 28 Shipping/Handling * Shipping/Handling is only charged once per order. Contact Information Please enter all the information below in BLOCK CAPITALS Title: Mr Mrs Dr Miss Ms Prof First Name: Last Name: Address: * Job Title: Organisation: Address: City: Postal / Zip Code: Country: Phone Number: Fax Number: * Please refrain from using free accounts when ordering (e.g. Yahoo, Hotmail, AOL)

6 Page 2 of 2 Payment Information Please indicate the payment method you would like to use by selecting the appropriate box. Pay by credit card: You will receive an with a link to a secure webpage to enter your credit card details. Pay by check: Please post the check, accompanied by this form, to: Research and Markets, Guinness Center, Taylors Lane, Dublin 8, Ireland. Pay by wire transfer: Please transfer funds to: Account number Sort code Swift code IBAN number Bank Address ULSBIE2D IE78ULSB Ulster Bank, Main Street, Blackrock, Co. Dublin, Ireland. If you have a Marketing Code please enter it below: Marketing Code: Please note that by ordering from Research and Markets you are agreeing to our Terms and Conditions at Please fax this form to: (646) or (646) From USA or From Rest of World