About the Study:
The purpose of the study is to provide a better understanding of whether, and under what circumstances, reverse mortgages lead to increased financial security, well-being and independence in older age. Reverse mortgages can serve as a substantial source of supplemental income in retirement while enabling older homeowners to stay in their homes. However, reverse mortgages are complex and costly financial products and little is known about their appropriateness and longer term impact.
In partnership with Clearpoint Credit Counseling Solutions —also known as CredAbility—this study will combine administrative data and survey data from households who have taken out reverse mortgages. The results will help us better understand the financial challenges facing homeowners at or near retirement, and the role that reverse mortgages may play in improving financial security and well-being. Ultimately, our goal for this research is to inform policymakers to help make the program better in the future.
Funded by grants from the John D. Catherine T. MacArthur Foundation and the U.S. Department of Housing and Urban Development’s Office of Policy Development and Research.
Read about the study on MacArthur’s website at: http://www.macfound.org/press/press-releases/macarthur-awards-million-support-research-how-housing-matters/
Read more about the study at The New York Times:
http://www.nytimes.com/2013/09/29/realestate/carrying-debt-after-retirement.html
About the Research Team:
The Aging in Place Study is led by Dr. Stephanie Moulton, Associate Professor with the John Glenn School of Public Affairs at The Ohio State University. Professor Moulton’s research focuses on mortgage lending programs and interventions to help improve the financial well-being of low income and vulnerable populations.
Professor Moulton’s website: http://glenn.osu.edu/faculty/glenn-faculty/moulton
OSU Co-Investigators include:
Donald Haurin, Professor Emeritus, Economics Website
Caezilia Loibl, Associate Professor, College of Education and Human Ecology Website
About the $100 Drawing:
You must agree to participate in the survey by May 31, 2017, 5:00 PM EST to be entered into the drawing. Two winners will be drawn at random on or before July 20, 2017, to receive a $100 Visa gift card. Winners will be notified by email, telephone or letter. The odds of winning a gift card are approximately 1 in 500. By agreeing to participate, you will be entered into the drawing. Completion of the survey is not required to be entered into the drawing.