27/05/2022

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74% of Seniors Say Best Financial Decision Was Buying a Home

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Beyond a home’s sentimental worth, 74% of older grown ups surveyed reported getting was the most effective economic conclusion they at any time designed. For 73%, it is their most important asset.

NEW YORK – Outside of the sentimental attachments that seniors have built for their residences, they also believe that homeownership was the smartest economic conclusion they ever designed, a new survey finds.

When wanting back again in excess of their daily life, virtually 3 in four seniors (74%) say “purchasing their home” was the very best fiscal conclusion they at any time manufactured, according to a new study of a lot more than 1,500 respondents ages 60 to 75 conducted by the American Advisors Group. For 73% of the respondents, the house is their most worthwhile retirement asset.

Additional than 50 percent (55%) of these seniors suggests they’ve paid off their household and are dwelling home finance loan-absolutely free. Of those people who haven’t, 40% say they system to use the fairness they’ve crafted to eliminate their regular monthly payment.

“Buying a dwelling is a single of the greatest buys anyone can make, and for lots of seniors, their acquire has turned into an investment,” states Martin Lenoir, AAG’s main promoting officer. “Our knowledge displays that older Us residents are well knowledgeable of what their residences are really worth and are on the lookout to make use of the equity they have gained, which is a significant purpose why we’re looking at so lots of seniors fascinated in reverse mortgages. Homes not only embody the journey that seniors have lived, they also signify a doable retirement approach for the long term.”

Still, most seniors surveyed do not program to cash out any time shortly. About 92% say they prefer to live their later many years in their latest residence instead than shift – and 50% say the pandemic has designed them want to are living in their existing household for the rest of their lives.

Resource: American Advisors Group

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