May 16, 2022

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Anything but ordinary

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

Past a home’s sentimental benefit, 74% of older older people surveyed claimed obtaining was the ideal economic choice they at any time created. For 73%, it’s their most valuable asset.

NEW YORK – Past the sentimental attachments that seniors have crafted for their properties, they also imagine homeownership was the smartest monetary determination they ever made, a new survey finds.

When on the lookout back again around their daily life, practically three in four seniors (74%) say “purchasing their home” was the finest financial decision they at any time built, according to a new study of much more than 1,500 respondents ages 60 to 75 done by the American Advisors Team. For 73% of the respondents, the property is their most beneficial retirement asset.

Far more than fifty percent (55%) of these seniors says they’ve paid out off their property and are dwelling mortgage loan-free of charge. Of all those who have not, 40% say they approach to use the fairness they’ve created to eliminate their monthly payment.

“Buying a house is a single of the most significant buys an individual can make, and for many seniors, their purchase has turned into an investment,” says Martin Lenoir, AAG’s chief marketing officer. “Our information reveals that older Americans are well informed of what their homes are really worth and are seeking to use the fairness they have gained, which is a large cause why we’re observing so several seniors interested in reverse mortgages. Properties not only embody the journey that seniors have lived, they also signify a attainable retirement tactic for the upcoming.”

However, most seniors surveyed really don’t system to hard cash out any time quickly. About 92% say they favor to live their later on decades in their recent residence somewhat than shift – and 50% say the pandemic has made them want to are living in their present home for the relaxation of their lives.

Resource: American Advisors Team

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