Reverse Mortgages and Linked Securities / Wiley Finance Editions (ePub)

Preface. Acknowledgments. List of Contributors. Part One Reverse Mortgage Basics. Chapter 1 Reverse Mortgage Primer. Loan Disbursements. Overview of Lender Challenges. Summary. 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. Summary. Chapter 3 HECM Explained Reverse Mortgages Originated through the Home Equity Conversion Mortgage (HECM) Program. Legislative History and Program Fundamentals. Disbursing Funds and Calculating Loans and Interest. Changes to the Program Following the 2008 Act. Consumer Focused Elements of the Program. Summary. 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. Summary. Chapter 5 Risk Mitigation from Existing and Proposed Financial Products. Reverse Mortgage Risks. Agency versus Non-Conforming Loans. Summary. Chapter 6 Longevity Risk and Fair Value Accounting. Longevity Cost Calculator(TM) 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. Summary. Chapter 7 Risk Mitigation Available Hedges & Products in Development for Risk Transfer. Hedging Crossover Components in the Capital Markets. Insurance Solutions. Summary. 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. HPI in Year 1. HPI in Years 5-15. HPI in Years 16 to Legal Final Maturity Date. Costs

Vishaal B. Bhuyan has been involved in the "life markets" for over five years and has focused on analyzing and investing in life settlements, reverse mortgages, and other linked assets. He has advised a number of large investment funds on the longevity and mortality risk asset class and has been invited to speak at various investment and industry-specific conferences across the United States, Europe, and Asia. Bhuyan is also the editor and coauthor of Life Markets: Trading Mortality and Longevity Risk with Life Settlements and Linked Securities (Wiley) and will be releasing The Esoteric Investor (FT Press) in 2011.

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