Aging in Place

grandma sitting outside on deckThe 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 combines administrative data and survey data from households who have taken out reverse mortgages. The results 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.

Aging in Place is funded by a grant from the John D. Catherine T. MacArthur Foundation. The study is led by Dr. Stephanie Moulton, Associate Professor with the John Glenn School of Public Affairs at The Ohio State University. OSU Co-Investigators are Donald Haurin, Professor Emeritus, Economics, and Caezilia Loibl, Associate Professor, College of Education and Human Ecology. The second wave of Aging in Place is underway as of spring 2017.