MReport October 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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54 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Most Seniors Are Choosing to Remain in Their Home Even with tight inventory and sellers netting record profits, a new poll has found that seniors are choosing to stay in their homes, citing sentimental value over monetary worth. N ew 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 strength- ened that bond," AAG Chief Marketing Officer Martin Lenoir said. "It's no secret that many seniors have built substantial equity in their homes after years of ownership, but what is interest- ing 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. 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. The COVID-19 pandemic also impacted how seniors feel about living at home, with 50% of all respondents stating the pandemic made their desire to live at home even stronger. 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. For many of America's seniors, owning a home signifies more than just having ownership of a property, with more than one- third (40%) of older Americans claiming their "Independence" is the most important benefit of liv- ing and remaining in their home. Family life was cited as another substantial reason that seniors have an emotional attachment to their home, as 56% said their home reminds them of their family. More than two in three seniors (68%) expressed a desire to stay at home with their children and close relatives, with seniors poll- ing having told their families they would like to live in their homes for the rest of their life. AAG's Importance of Home Survey was conducted on June 2, 2021, and included 1,552 partici- pants. Responses include numer- ous 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 nation could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors. 92% of seniors said they would prefer to live their later years in their current home instead of moving to an assisted living facility.

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