Almost 75% also say buying a home was the best financial decision they’ve ever made
Posted: October 19, 2021 at 8:07 am CDT|Update: 1 hour ago
IRVINE, Calif., October 19, 2021 / PRNewswire / – For older Americans, their home is as much an investment as it is a place to live. New data from American Advisors Group (AAG), the national leader in home equity solutions, shows that senior homes have not only great monetary value, but also significant sentimental value. To better understand how important the home is to American seniors, AAG conducted the Importance of Home Survey with more than 1,500 participants between the ages of 60 and 75.
“Buying a home is one of the most important purchases a person can make, and for many seniors, that purchase has turned into an investment,” said chief marketing officer of AAG. Martin Lenoir. “Our data shows that older Americans are well aware of their home’s value and are looking to use the equity they’ve earned, which is a big part of why we see so many seniors looking at mortgages. The houses not only embody the journey seniors have lived, they also represent a possible retirement strategy for the future. “
How seniors perceive the value of their home:
- American seniors know how much their home has appreciated and are happy to have made this investment. Almost three in four seniors (74%) say buying their home was the best financial decision they’ve ever made.
- Homes have become the biggest investment for older Americans, with almost three in four seniors (73%) say their home is now their most valuable asset.
- Seniors have indicated that they want to stay in the comfort of their own home. 92% of seniors said they would rather live their last years in their current home than move to an assisted living facility.
- The elderly owners have kept their investments. More than half of American seniors (55%) have now paid off their homes and are living mortgage-free.
- American seniors see a value in their homes that goes beyond finances. Almost two in three seniors (62%) say they have an emotional attachment to their home.
- For seniors who still have a mortgage, 40% are looking to use the equity they have accumulated to eliminate their monthly payment.
To read the full results of the AAG Home Importance Survey, visit the link below:
Seniors who use a reverse mortgage to stay in their home for the long term must continue to pay their taxes and insurance, maintain the home, live in the home as their primary residence, and comply with all loan terms.
The survey on the importance of the AAG’s domicile was carried out on June 2, 2021, and included 1,552 participants. Answers include many formats, including yes and no answers, ranking preferences, and multiple choice answers. The survey was conducted on a digital platform so that participants from all regions of United States could respond from the security of their homes. All participants were selected at random, age and property being the only qualifying factors.
AAG is dedicated to helping older Americans find new ways to fund better retirement through responsible use of home equity. As the national leader in reverse mortgages, AAG offers a range of home equity solutions, including home equity conversion mortgages, traditional and proprietary mortgages, and real estate services, designed to provide seniors with better outcomes. financial retirees. AAG is proud to be a member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgages, please visit the company’s website at www.aag.com.
American Advisors Group, NMLS ID: 9392, 18200 Von Karman Ave., Suite 300, Irvine, California 92612. AAG Residential Services, Inc., 18200 Von Karman Ave., Suite 950, Irvine, California 92612. Real Estate Broker, California Department of Real Estate, license number 02039087. AAGRS performs acts for which a real estate license is required.
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SOURCE American Advisors Group (AAG)
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