AAG Releases Importance of Home Survey Results
Irvine, Calif. (September 28, 2021) – For older Americans, a home signifies much more than just a place to live. New data from American Advisors Group (AAG), the nation’s leader in home equity solutions, shows that seniors’ homes not only have a great deal of monetary worth, but also significant sentimental value. To gain a deeper understanding of exactly how meaningful home is to America’s seniors, AAG conducted the Importance of Home Survey with over 1,500 participants ages 60-75.
“Our studies have shown that seniors in this country have a strong attachment to their home and the pandemic only strengthened that bond,” said AAG Chief Marketing Officer Martin Lenoir. “It’s no secret that many seniors have built substantial equity in their homes after years of ownership, but what is interesting is that very few want to sell their house to obtain that money. For seniors, the comfort, safety and independence of their home outweighs the desire to move and that’s why we’re seeing so many older Americans interested in reverse mortgages.”
The Data Shows that Seniors Plan to Stay Put:
- The majority of America’s seniors do not intend to sell their home and have no plans of ever moving. 82% of seniors say they want to live in their home for the rest of their lives.
- Seniors indicated that they want to remain in the comfort of their own home. 92% of seniors said they would prefer to live their later years in their current home instead of moving to an assisted living facility.
- The desire to live in one’s home ties closely to a feeling of safety. More than four in five seniors (83%) say they feel safer at home than anywhere else.
- The COVID-19 pandemic strengthened how seniors feel about living at home. Half of America’s seniors (50%) say that the pandemic made their desire to live at home stronger.
- America’s seniors see value in their homes that goes beyond finances. Nearly two in three (62%) seniors say they have an emotional attachment to their home.
- For many of America’s seniors owning a home signifies more than just having ownership of a property. More than one-third (40%) of older Americans said their “Independence” is the most important benefit of living in their home.
- Family life is another substantial reason that seniors have an emotional attachment to their home. Over half of seniors (56%) say their home reminds them of their family.
- Seniors are communicating their desire to stay at home with their children and close relatives. More than two in three seniors (68%) have told their families where they would like to live for the rest of their life.
Seniors who use a reverse mortgage loan to remain in their home long term are required to continue paying their taxes and insurance, live in the home as their primary residence and comply with all terms of the loan.
AAG’s Importance of Home Survey was conducted on June 2, 2021, and included 1,552 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 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.
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.
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