March-April 2021

OVER THE PAST decade, Dr. Stephanie Moulton has studied the impacts of reverse mortgages on America’s aging population more than any other academic researcher. She has co-authored nine published papers on reverse mortgages, with several more working papers in progress, including a discussion paper released this past November with Federal Reserve Bank of Philadelphia Advisor and Research Fellow Lauren Lambie-Hanson. Their study confirmed Financial Assessment and upfront draw restrictions have had the desired effect of reducing tax and insurance defaults. Dr. Moulton serves as associate professor in the John GlennCollege of Public Affairs atTheOhio State University, but her fascination with reverse mortgages and homeown- ership programs began in 2000. After graduating from col- lege, she worked for a housing nonprofit that opened her eyes to the world of mortgage finance and the challenges of achieving the American dream of homeownership. Reverse Mortgage magazine sat down with Dr. Moulton to learn more about what inspired her to become a researcher, her interest with reverse mortgages and key takeaways from her most recent studies. Reverse Mortgage: Stephanie, how did you choose research as a career path? Stephanie Moulton: After undergrad, I worked for a nonprofit inIndiana that offeredaffordablehomeownership programs and counseling services. In 2002, I became one of the first AARP-certified reverse mortgage counselors. Everything I do today seems to come back to those five years that I spent in the real world working with consumers, banks and other nonprofits trying to solve complex housing challenges. I wanted to change the systems. I wanted to figure out how we could make things better. The homebuyer programs that we offered had lower interest rates than private market options, but the process for using them was onerous and burdensome. Many families had a hard time comparing options and ended up choosing higher-cost, subprime mortgages. I wanted to figure out a better solution to ensure everybody had equal access to housing programs—both forward and reverse. I went to Indiana University to get a PhD in public policy analysis and management to give me the knowledge and skills to better understand the landscape of the housing market and use research to help guide potential changes. RM: How did this lead to your initial research on reverse mortgages? SM: My dissertation was on affordable homeownership programs. I did a lot of work on state housing finance agencies and their role in expanding homeownership. In 2010, I met Ed Szymanoski, and we discussed what was happening in the reverse space. This was something that was Dr. Stephanie Moulton, Associate Professor, John Glenn College of Public Affairs, The Ohio State University By Darryl Hicks From the Top Stephanie Moulton 12 REVERSE MORTGAGE / MARCH-APR I L 2021