2020 Left Nearly One-Third of Seniors with Financial Troubles

March 16, 2021

AAG Releases Post-2020 Retirement Survey

Irvine, Calif. (March 17, 2021) – The year 2020 was difficult for everyone, especially the elderly. Lockdowns, virtual communication, and a fluctuating economy forced seniors to change their daily life and re-evaluate their future. To understand the impact that 2020 had on seniors’ finances and home life, American Advisors Group (AAG), the nation’s leader in home equity solutions, conducted the Post-2020 Retirement Survey with over 1,500 participants age 60-75.

“Senior citizens make up our entire customer base, so it was important for us to understand how the events of last year affected their well-being,” said AAG Chief Marketing Officer Martin Lenoir. “This study showed us that not only are seniors still recovering from last year, but that they have a different outlook on the importance of their home. This may be the perfect time for them to bridge the gap and utilize their home equity to regain the peace of mind they had in years past.”

How 2020 Impacted American Seniors:

For many seniors, 2020 affected their future as much as their daily life. Nearly one-third of seniors (30%) stated that the events of 2020 had a negative impact on their retirement plans.

Last year forced many seniors to draw additional income to fund their daily lives. More than one in five seniors (21%) said that the events of 2020 caused them to withdraw additional funds from one or more of their retirement accounts.

The COVID-19 pandemic forced all of America’s seniors to remain home for the majority of the year, causing many to feel increasingly safer at home. More than one out of every four seniors (28%) said they felt safer at home in 2020 than years prior.

With the increased time spent at home, most seniors now have no desire to move. Over half of American seniors (55%) said they plan on living in their current home forever.

Click here to read the full results of the AAG Post-2020 Retirement Survey.

AAG’s Post-2020 Retirement Survey was conducted on January 27, 2021, and included 1,521 participants. 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.

About AAG

AAG, now a division of Finance of America Reverse (FAR), continues its dedication to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages and proprietary reverse mortgages, that are designed to give seniors a better financial outcome in retirement. Following the asset acquisition of AAG by FAR in April 2023, FAR and AAG together make up one of the largest reverse mortgage companies in the US. The company is licensed nationally (NMLS #2285) and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information about AAG, please visit www.aag.com.

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AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133

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©2023 American Advisors Group/AAG are divisions of Finance of America Reverse LLC which is licensed nationwide* | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | AZ Mortgage Banker License #0921300 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org

*Finance of America Reverse LLC does not do business as American Advisors Group/AAG in the following jurisdictions: Alaska, Hawaii, Maryland, Nevada, and New York.

FAReverse LLC i/l/t/n Finance of America Reverse LLC is Licensed Mortgage Banker in the State of New York, but this site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

For Reverse Loans: When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

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