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

Over and above a home’s sentimental value, 74% of older older people surveyed stated acquiring was the most effective fiscal choice they at any time created. For 73%, it is their most valuable asset.

NEW YORK – Beyond the sentimental attachments that seniors have crafted for their residences, they also believe homeownership was the smartest money choice they at any time manufactured, a new study finds.

When searching back above their daily life, almost 3 in 4 seniors (74%) say “purchasing their home” was the very best fiscal choice they at any time made, according to a new study of more than 1,500 respondents ages 60 to 75 executed by the American Advisors Group. For 73% of the respondents, the property is their most precious retirement asset.

Far more than fifty percent (55%) of these seniors claims they’ve paid out off their household and are living home loan-free. Of people who have not, 40% say they plan to use the equity they’ve constructed to remove their regular payment.

“Buying a dwelling is one particular of the premier purchases a person can make, and for several seniors, their acquire has turned into an expenditure,” suggests Martin Lenoir, AAG’s chief advertising officer. “Our details reveals that older Individuals are nicely informed of what their residences are truly worth and are on the lookout to make the most of the equity they have obtained, which is a large explanation why we’re seeing so lots of seniors fascinated in reverse mortgages. Residences not only embody the journey that seniors have lived, they also signify a possible retirement strategy for the long run.”

However, most seniors surveyed don’t approach to funds out any time before long. About 92% say they desire to reside their later yrs in their recent house fairly than shift – and 50% say the pandemic has created them want to stay in their latest dwelling for the rest of their lives.

Resource: American Advisors Group

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