June 15, 2024

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

2 min read

Over and above a home’s sentimental value, 74% of more mature grownups surveyed stated purchasing was the very best money conclusion they at any time produced. For 73%, it is their most valuable asset.

NEW YORK – Over and above the sentimental attachments that seniors have developed for their homes, they also believe that homeownership was the smartest economical conclusion they ever manufactured, a new survey finds.

When wanting back again around their lifetime, approximately three in four seniors (74%) say “purchasing their home” was the best fiscal selection they at any time built, in accordance to a new survey of much more than 1,500 respondents ages 60 to 75 carried out by the American Advisors Group. For 73% of the respondents, the home is their most worthwhile retirement asset.

A lot more than 50 percent (55%) of these seniors claims they’ve paid off their home and are residing home finance loan-cost-free. Of individuals who haven’t, 40% say they approach to use the equity they’ve built to reduce their regular payment.

“Buying a residence is one of the biggest purchases an individual can make, and for several seniors, their obtain has turned into an expenditure,” claims Martin Lenoir, AAG’s chief internet marketing officer. “Our info displays that more mature Us residents are well conscious of what their properties are really worth and are wanting to make the most of the equity they have acquired, which is a significant reason why we’re viewing so a lot of seniors intrigued in reverse mortgages. Households not only embody the journey that seniors have lived, they also signify a achievable retirement strategy for the upcoming.”

Even now, most seniors surveyed really don’t program to dollars out any time before long. About 92% say they desire to reside their later on many years in their present property fairly than go – and 50% say the pandemic has made them want to are living in their existing house for the rest of their lives.

Supply: American Advisors Group

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