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This paper links the literatures on the life-cycle hypothesis, homeownership, home equity and pensions. Empirically, the focus is on the EU and USA. The paper aims to explore the extent that seniors extract their home equity and discuss the financial instruments available for equity extraction.

The study uses data from the EU and USA to determine homeownership rates, house values and mortgage debt. With these values, the amount of seniors’ home equity is measured for each country. The usage of home equity extraction methods is reported and factors limiting their use are identified.

Seniors’ home equity is a substantial share of their total wealth. Estimates for 2013 are that their home equity equals about €5tn in the USA and over €8tn in large EU countries. The authors find that only a small share of seniors extracts their home equity. While there are supply side constraints in many countries, the evidence suggests that the cause of low extraction rates is the lack of demand. Various reasons for the lack of demand are discussed.

The increasing share of seniors in most countries’ population suggests that there will be increasing pressure on public pension systems. One among many options to address this issue is to impose a wealth test for eligibility, where wealth includes home equity. This study suggests that although home equity is substantial for many seniors, they are reluctant to access the funds.

The paper highlights the importance of home equity in the EU and USA and the factors that affect the primary methods of extraction.

The purpose of this paper is to develop a multi‐user electronic bill presentment and payment (EBPP) model that would enhance the present billing systems as well as overcome the problems of periodic generation of billing reports and mail volumes.

The paper evaluates three existing models of EBPP: Biller‐direct, consolidation, and invited pull models and identifies their limitations. Then, the thin consolidation model approach is modified by developing an Extensible Hypertext Markup Language based architecture that is capable of consolidating billing reports from a variety of disparate heterogeneous sources. The modified model is implemented using two case studies.

The modified consolidation model of the EBPP enhances quick subsequent notification of bills to the consumer for goods or services previously rendered. In the model, a user could pay for multiple services rendered by companies; this in turn overcomes mail volumes.

This paper develops a data integration and unification architecture that will allow billing reports from multiple billers to be integrated into a unified database.