Acceptance of reverse mortgages in Spain: An analysis based on the Theory of Planned Behavior through PLS-SEM and quantile regression

Abstract

The progressive ageing of the population and the uncertainty surrounding the sustainability of public pension systems have increased interest in financial instruments that help supplement income after retirement, among which reverse mortgages (RMs) stand out. Although this instrument has significant growth potential in Spain, its uptake remains limited. The aim of this study is to examine the factors that determine the intention to use RMs in Spain, based on an extension of the Theory of Planned Behavior. The paper contributes to a field where empirical evidence for Spain remains very limited and, additionally, incorporates a distributional perspective to assess heterogeneity of these factors across the distribution of the dependent variable. The research employs a methodological approach that combines Partial Least Squares Structural Equation Modeling (PLS-SEM) with quantile regression. The former allows the identification of expected relationships between variables, while the latter provides a more granular view of effects across the distribution of the intention to use. The results indicate that attitudes toward RMs constitute the most influential factor explaining the intention to use them, followed by social influence and the bequest motive, which acts as a structural barrier. Likewise, variables such as age (consistently) and income level (only in certain quantiles of intention to use) show a negative relationship with acceptance. The study demonstrates that the adoption of RMs in Spain depends on a balance between individual perceptions, social legitimization, and cultural factors linked to intergenerational wealth transfer. These findings offer relevant implications for the design of policies and strategies aimed at improving the acceptance of RMs in Spain.