Data from American Advisors Group’s latest report has revealed that most older Americans have no plans to sell their home, and those who still have a mortgage are looking to use the equity they’ve built to eliminate their monthly payment.
According to AGG’s survey of over 1,500 homeowners aged 60-75, four in five seniors (82%) said that they want to live in their current home for the rest of their lives if they could. In addition, half (50%) feel that the pandemic made them more inclined to live at home instead of moving to an assisted living facility.
“Our studies have shown that seniors in this country have a strong attachment to their home, and the pandemic only strengthened that bond,” said AAG chief marketing officer Martin Lenoir. “It’s no secret that many seniors have built substantial equity in their homes after years of ownership, but what is interesting is that very few want to sell their house to obtain that money. For seniors, the comfort, safety and independence of their home outweigh the desire to move, and that’s why we’re seeing so many older Americans interested in reverse mortgages.”