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

Over and above a home’s sentimental price, 74% of older older people surveyed stated shopping for was the finest economical conclusion they ever made. For 73%, it is their most worthwhile asset.

NEW YORK – Beyond the sentimental attachments that seniors have built for their houses, they also feel homeownership was the smartest economical decision they ever built, a new study finds.

When looking again more than their lifetime, almost 3 in 4 seniors (74%) say “purchasing their home” was the ideal financial selection they ever manufactured, according to a new study of much more than 1,500 respondents ages 60 to 75 performed by the American Advisors Group. For 73% of the respondents, the household is their most important retirement asset.

Far more than half (55%) of these seniors claims they’ve paid out off their dwelling and are residing mortgage loan-absolutely free. Of these who haven’t, 40% say they prepare to use the equity they’ve designed to remove their month to month payment.

“Buying a property is one particular of the largest purchases someone can make, and for lots of seniors, their invest in has turned into an financial commitment,” says Martin Lenoir, AAG’s main advertising officer. “Our details exhibits that older Americans are perfectly mindful of what their houses are well worth and are looking to make the most of the equity they have received, which is a major cause why we’re viewing so lots of seniors fascinated in reverse mortgages. Properties not only embody the journey that seniors have lived, they also represent a possible retirement tactic for the long run.”

However, most seniors surveyed don’t prepare to hard cash out any time before long. About 92% say they choose to stay their later decades in their present residence somewhat than move – and 50% say the pandemic has produced them want to are living in their existing residence for the relaxation of their life.

Source: American Advisors Team

© Copyright 2021 Information INC., Bethesda, MD (301) 215-4688

Previous post Construction’s career crisis: Recruiters target young workers driving the Great Resignation
Next post How Balfour Beatty takes a multipronged approach to severe weather preparedness