城市研究所-美国老年人的抵押贷款拒绝率和家庭财务状况（英）-2021.10.pdf

H O U S I N G F I N A N C E P O L I C Y C E N T E R RE S E AR C H RE P O R T Mortgage Denial Rates and Household Finances among Older Americans Karan Kaul Linna Zhu October 2021 AB O U T T H E U R BA N I N S T I T U TE The nonprofit Urban Institute is a leading research organization dedicated to developing evidence-based insights that improve people’s lives and strengthen communities. For 50 years, Urban has been the trusted source for rigorous analysis of complex social and economic issues; strategic advice to policymakers, philanthropists, and practitioners; and new, promising ideas that expand opportunities for all. Our work inspires effective decisions that advance fairness and enhance the well-being of people and places. Copyright © October 2021. Urban Institute. Permission is granted for reproduction of this file, with attribution to the Urban Institute. Cover photo by Twinsterphoto/Shutterstock. Contents Acknowledgments iv Executive Summary v 1. Mortgage Denial Rates for Seniors 1 Older Applicants Face the Highest Denial Rates for Forward Equity Extraction 1 A Third of Senior Refinance Applications Are Denied Because of High DTI Ratios 6 Low Incomes and Deteriorating Credit Scores Partly Explain High DTI Ratios among Seniors 8 Older Applicants Are Denied at Higher Rates across the DTI spectrum 10 Seniors’ Use of Cash-Out Refinances and HECMs Increased from 2018 to 2020 12 2. Trends in Senior Debt, Home Equity, and Net Worth 14 Senior Household Finances Have Deteriorated, and Debt Levels Have Increased