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The FHA program to insure reverse mortgages has brought additional attention to the use of home equity conversion to increase income to the elderly. Using simulation, this study compares the economic consequences of the FHA reverse mortgage with two alternative conversion vehicles: sale of a remainder interest and sale-leaseback. An FHA insured plan is devised for each vehicle, structured to represent fair substitutes for the FHA mortgage. In addition, the FHA mortgage is adjusted to allow for a 4 percent annual increase in distributions to the homeowner. The viability of each plan for the homeowner, the financial institution and the FHA is investigated using different assumptions for house appreciation, tax rates, and homeowners’ initial ages. For the homeowner, the return of each vehicle is compared with the choice of not employing home equity conversion. The study examines the impact of tax and accounting rules on the selection of alternatives. The study investigates the sensitivity of the FHA model to some of its assumptions. Although none of the vehicles is Pareato optimal, the study shows that neither the sale of a remainder interest nor the sale-leaseback is a viable alternative vehicle to the homeowner. While each of these vehicles is profitable to the financial institution, the profits are not high enough to transfer benefits to the homeowner and still be workable. The effects of tax rate, house appreciation rate, and homeowner's initial age are surprisingly small. As a general rule, none of these factors materially impact the decision of either the homeowner or the financial institution. Tax and accounting rules were found to have minimal impact on the selection of vehicles. The sensitivity analysis indicates that none of the variables studied alone is likely to materially affect the FHA’s profitability. Although none of the vehicles is Pareato optimal, the study shows that neither the sale of a remainder interest nor the sale-leaseback is a viable alternative vehicle to the homeowner. While each of these vehicles is profitable to the financial institution, the profits are not high enough to transfer benefits to the homeowner and still be workable. The effects of tax rate, house appreciation rate, and homeowner's initial age are surprisingly small. As a general rule, none of these factors materially impact the decision of either the homeowner or the financial institution. Tax and accounting rules were found to have minimal impact on the selection of vehicles. The sensitivity analysis indicates that none of the variables studied alone is likely to materially affect the FHA’s profitability.

This study looks to the social trends, needs, and definition of home for the single-mother household. People need strong families to provide them with the identity, belonging, discipline, and values that are essential for full individual development ("The American Family Crisis" 16). This requires the examination of the role that the physical home environment plays in the life of the single-parent household. Personal histories, a literary search, and research of existing examples of built facilities serve to produce a series of patterns formalized in a design matrix, investigating how architecture can foster a healthy and supportive environment for the single-parent household.The intent of this research is to define a process by which the singleparent household, headed by a single mother, may be able to become self-sufficient and empowered by their housing situation. The aim is to create More than Housing (Joan Forrester Sprague), while utilizing the architecture to foster relationships and encourage growth.A resulting programmatic guide and design development tool for supportive housing, adapted to the needs of the single-parent household, creates a framework of design ideas derived from this research. This compilation is used to define design strategies and recommendations for the form and program of support systems used to illustrate the definition, application and resolution of "home" for the single-mother household. / Department of Architecture

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