IRVINE, Calif., Oct. 19, 2021 /PRNewswire/ -- For older Americans, their home is as much an investment as it is a place to live. New data from American Advisors Group (AAG), the nation's leader in home equity solutions, shows that seniors' homes not only have a great deal of monetary worth, but also significant sentimental value. To gain a deeper understanding of exactly how meaningful home is to America's seniors, AAG conducted the Importance of Home Survey with over 1,500 participants ages 60-75.
"Buying a home is one of the largest purchases someone can make, and for many seniors, that purchase has turned into an investment," said AAG Chief Marketing Officer Martin Lenoir. "Our data shows that older Americans are well aware of what their homes are worth and are looking to utilize the equity they have gained, which is a big reason why we're seeing so many seniors interested in reverse mortgages. Homes not only embody the journey that seniors have lived, they also represent a possible retirement strategy for the future."
How Seniors View Their Home's Worth:
America's seniors know how valuable their homes have become and are happy they made the investment. Nearly three in four seniors (74%) say that purchasing their home was the best financial decision they ever made.
Homes have become older Americans' greatest investment, nearly three of every four seniors (73%) say their home is now their most valuable asset.
Seniors indicated that they want to remain in the comfort of their own home. 92% of seniors said they would prefer to live their later years in their current home instead of moving to an assisted living facility.
Senior homeowners have held on to their investments. Over half of America's seniors (55%) have now paid off their home and are living without a mortgage.
America's seniors see value in their homes that goes beyond finances. Nearly two in three seniors (62%) say they have an emotional attachment to their home.
For seniors who still have a mortgage, 40% are looking to use the equity they've built to eliminate their monthly payment.
Seniors who use a reverse mortgage loan to remain in their home long term are required to continue paying their taxes and insurance, maintain the home, live in the home as their primary residence and comply with all terms of the loan.
AAG's Importance of Home Survey was conducted on June 2, 2021, and included 1,552 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors.
AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation's leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages, traditional and proprietary mortgages, and real estate services — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company's website at www.aag.com.
American Advisors Group, NMLS ID: 9392, 18200 Von Karman Ave., Suite 300, Irvine, CA 92612. AAG Residential Services, Inc., 18200 Von Karman Ave., Suite 950, Irvine, CA 92612. Real estate broker, California Department of Real Estate, License number 02039087. AAGRS is performing acts for which a real estate license is required.