Over 80% of seniors have no plans to sell their home, according to AAG survey

“Our studies have shown that the elderly in this country have a strong attachment to their home and the pandemic has only strengthened that bond,” said AAG’s chief marketing officer. Martin Lenoir. “It’s no secret that many seniors have built up substantial equity in their homes after years of ownership, but what’s interesting is that very few want to sell their homes to get that money. For seniors, the comfort, security and independence of their home trumps the desire to relocate and that is why we see so many older Americans taking an interest in reverse mortgages. “

Data shows that seniors Plan to stay put:

  • The majority of American seniors do not intend to sell their homes and do not intend to move. 82% of seniors say they want to live in their home for the rest of their life.
  • Seniors have indicated that they want to stay in the comfort of their own homes. 92% of seniors said they would rather live their last years in their current home than move to an assisted living facility.
  • The desire to live at home is closely linked to a feeling of security. More than four in five seniors (83%) say they feel safer at home than anywhere else.
  • The COVID-19 pandemic has reinforced the feelings of seniors about life at home. Half of American seniors (50%) say the pandemic has boosted their desire to live at home.
  • American seniors see a value in their homes that goes beyond finances. Almost two in three seniors (62%) say they have an emotional attachment to their home.
  • For many American seniors, owning a home means more than just owning a property. More than a third (40%) of older Americans said their “independence” is the most important benefit of living in their home.
  • Family life is another important reason older people have an emotional attachment to their home. More than half of seniors (56%) say their home reminds them of their family.
  • Seniors communicate their desire to stay at home with their children and loved ones. More than two in three seniors (68%) have told their families where they would like to live for the rest of their lives.

To read the full results of the AAG Home Importance Survey, visit the link below:

Seniors who use a reverse mortgage to stay in their home for the long term are required to continue paying their taxes and insurance, live in the home as their primary residence, and comply with all loan terms.

The survey on the importance of the AAG’s domicile was carried out on June 2, 2021, and included 1,552 participants. Answers include many formats, including yes and no answers, ranking preferences, and multiple choice answers. The survey was conducted on a digital platform so that participants from all regions of United States could respond from the security of their homes. All participants were selected at random, age and property being the only qualifying factors.

AAG is dedicated to helping older Americans find new ways to fund better retirement through responsible use of home equity. As the national leader in reverse mortgages, AAG offers a range of home equity solutions, including home equity conversion mortgages, traditional and proprietary mortgages, and real estate services, designed to provide seniors with better outcomes. financial retirees. AAG is proud to be a member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgages, please visit the company’s website at www.aag.com.

American Advisors Group, NMLS ID: 9392, 18200 Von Karman Ave., Suite 300, Irvine, California 92612. AAG Residential Services, Inc., 18200 Von Karman Ave., Suite 950, Irvine, California 92612. Real Estate Broker, California Department of Real Estate, License Number 02039087. AAGRS performs acts for which a real estate license is required.

Ryan whittington
[email protected]
(657) 236-5220

SOURCE American Advisors Group (AAG)

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