New data from American Advisors Group (AAG) has found that seniors' homes not only have a great deal of monetary worth, but also significant sentimental value, thus a great reluctance to part with their home, even in this red-hot sellers’ market. AAG polled more than 1,500 participants, ages 60-75, for its “Importance of Home Survey,” to gain a deeper understanding of exactly just how meaningful “home” is to America's senior population. "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 report found that most of America's seniors do not intend to sell their home, and have no plans of ever moving, with 82% of seniors polled saying 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. In fact, 92% of seniors said they would prefer to live their later years in their current home instead of moving to an assisted living facility. Respondents indicated that the desire to live in one's home ties closely to a feeling of safety, as more than four in five seniors (83%) reported that they feel safer at home than anywhere else. Nearly two in three (62%) of the seniors polled said they have an emotional attachment to their home, as they see value in their homes that goes beyond simple finances.