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Last updated on November 29th, 2021 at 01:03 pm
The American Advisors Group’s data from their most recent report has discovered that most older Americans have no plans to sell their home, and those who still currently have a mortgage are looking to use the equity they’ve built to get rid of their monthly payment.
Over 1,500 homeowners aged 60-75, four in five seniors (82%) said that they want to live in their current home for the rest of their lives if they could according to AGG’s survey of
In addition, half (50%) feel that the pandemic made them more liable to live at home instead of moving to an assisted living facility.
AAG chief marketing officer Martin Lenoir said, “Our studies have revealed that seniors in this country have a strong affection for their home, and the pandemic only strengthened that bond.”
“It’s not a secret anymore that lots of seniors have built significant equity in their homes after years of ownership, but what’s interesting is that only some of them want to sell their house to get hold of that money.
For seniors, the safety, the relief, and independence of their home overshadow the wish to move, and that’s why we’re seeing so many older Americans interested in reverse mortgages.”
From a financial point of view, almost three in four (73%) seniors reflect on their homes as their most valuable asset.
The summative value of senior home equity has hit $9.23 trillion in the first quarter of 2021, according to the National Reverse Mortgage Lenders Association.
With the increasing prospect for reverse mortgages, 55% of senior homeowners had tapped into their equity to pay off their mortgage, and 40% said they would get rid of their mortgage by means of their home equity if they could.
The Survey of AAG’s was conducted in June. All participants were chosen randomly, with age and homeownership being the only qualifying reasons.
