25/05/2022

Board Master

Change Begins At Home

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

Further than a home’s sentimental benefit, 74% of older older people surveyed said acquiring was the very best monetary determination they at any time manufactured. For 73%, it is their most valuable asset.

NEW YORK – Over and above the sentimental attachments that seniors have constructed for their residences, they also believe that homeownership was the smartest economical conclusion they ever created, a new study finds.

When seeking back again about their everyday living, approximately a few in 4 seniors (74%) say “purchasing their home” was the finest money decision they ever built, according to a new survey of more than 1,500 respondents ages 60 to 75 carried out by the American Advisors Group. For 73% of the respondents, the residence is their most beneficial retirement asset.

Far more than 50 percent (55%) of these seniors says they’ve paid off their home and are residing house loan-free of charge. Of these who have not, 40% say they system to use the equity they’ve built to get rid of their month to month payment.

“Buying a residence is a single of the premier purchases anyone can make, and for quite a few seniors, their invest in has turned into an expense,” claims Martin Lenoir, AAG’s chief advertising and marketing officer. “Our information displays that more mature People in america are well knowledgeable of what their properties are truly worth and are on the lookout to utilize the equity they have received, which is a significant purpose why we’re observing so many seniors interested in reverse mortgages. Homes not only embody the journey that seniors have lived, they also represent a achievable retirement strategy for the upcoming.”

However, most seniors surveyed don’t plan to hard cash out any time shortly. About 92% say they favor to stay their later yrs in their latest household relatively than move – and 50% say the pandemic has built them want to live in their existing household for the rest of their lives.

Resource: American Advisors Group

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