An overwhelming majority of surveyed seniors revealed that they would prefer to age in place in their current home, as opposed to moving into some kind of an assisted living facility. This is according to a new “Importance of Home” survey released this week by American Advisors Group (AAG), the leading reverse mortgage lender in the United States based on industry endorsement data.
In addition to the desire to remain in their homes as they age, 73% of respondents also answered that they see their homes as “their most valuable asset,” while 82% of respondents answered affirmatively when asked if they would prefer to live in their home for the rest of their lives if such an option was on the table.
Part of what drives the overwhelming desire for seniors to remain in their homes is the idea of safety. 83% of surveyed seniors answered that they generally feel safer when in their own homes, compared to living situations that do not involve their houses. Feeding into that idea of safety directly is the impact of the COVID-19 coronavirus pandemic, as 50% of respondent seniors said that the pandemic has contributed to their desire to remain at home.
The survey also asked about their feelings about home in a reflective sense, with 74% of seniors indicating that buying a home was “the best financial decision they have ever made,” according to the results. 62% of respondents also responded affirmatively when asked if they maintain an emotional connection to their homes.
When asked if they had paid off their mortgage and are living in a free-and-clear home, 55% of respondents answered affirmatively, though a minority of respondents – 40% – indicated that they would entertain the prospect of drawing on their home’s equity if it could eliminate a monthly mortgage payment.
“AAG’s Importance of Home Survey was conducted on June 2, 2021, and included 1,552 participants,” the results of the survey read regarding the methodology. “Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so that participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors.”
Read the survey’s results at the designated website.
