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

Past a home’s sentimental benefit, 74% of more mature grown ups surveyed stated obtaining was the finest money final decision they ever created. For 73%, it is their most valuable asset.

NEW YORK – Over and above the sentimental attachments that seniors have created for their households, they also believe that homeownership was the smartest monetary selection they ever manufactured, a new survey finds.

When looking back again above their existence, practically 3 in 4 seniors (74%) say “purchasing their home” was the ideal money conclusion they at any time created, in accordance to a new study of extra than 1,500 respondents ages 60 to 75 performed by the American Advisors Group. For 73% of the respondents, the household is their most beneficial retirement asset.

Additional than half (55%) of these seniors says they’ve paid off their dwelling and are residing mortgage loan-no cost. Of individuals who haven’t, 40% say they prepare to use the equity they’ve developed to get rid of their month-to-month payment.

“Buying a household is one particular of the largest purchases anyone can make, and for a lot of seniors, their obtain has turned into an investment,” claims Martin Lenoir, AAG’s chief marketing officer. “Our knowledge displays that more mature People in america are well informed of what their households are worthy of and are searching to make use of the equity they have acquired, which is a massive cause why we’re viewing so numerous seniors intrigued in reverse mortgages. Homes not only embody the journey that seniors have lived, they also signify a probable retirement approach for the foreseeable future.”

Still, most seniors surveyed really don’t system to funds out any time quickly. About 92% say they like to reside their later on many years in their latest dwelling relatively than go – and 50% say the pandemic has produced them want to stay in their existing home for the relaxation of their life.

Source: American Advisors Team

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