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 according to a leading reverse mortgage lender’s survey entitled: “Importance of Home Survey” was conducted on June 2, 2021, and included 1,552 participants
The majority of clients I work with at Sierra Foothills Reverse Mortgage in Grass Valley,says Shawna McDonald Reverse Mortgage Loan expert, seek out a reverse mortgage loan with me have as one of their goals to be able to pay of in-home care services, rather than sell their home and go to assisted living and to remodel or refurbish their homes to add age related improvements to their homes.
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, and would open to a reverse mortgage credit line loan to supplement their monthly income and a minority of respondents – 40% – indicated that they would entertain the prospect of drawing on their home’s equity using a reverse mortgage loan if it could eliminate a monthly mortgage payment.
===Shawna McDonald, Reverse Mortgage Loan Officer, 13 year specialization solely in reverse mortgage loans, successfully having completed hundreds of them. Representing 10 of the largest reverse mortgage lenders; get great rates & local, personalized service from loan start to finish. Visit my website www.SierraFoothillsReverse.com Available by confirmed appointment in my downtown Grass Valley office or during COVID, or by phone, for a no obligation consultation. (530) 497-3010 NMLS #271335 | CalDRE #00585530 Zyng Mortgage Inc. Company NMLS 76801 |Company CalDRE # 014461===