Aging in place preferred option for retirees
Research suggests Australian retirees prefer to own and live in their own home
Nearly three quarters of Australians are staying in their homes up to the age of 79, according to recent research from the University of Sydney. While this is the preferred option for many, it could be a necessity in the future, with our ageing population leading to an increased demand for limited aged-care services.
The preference to age in place is not surprising, considering how invaluable the family home can be to homeowners. It provides familiarity and a level of comfort, safety and security – often with years of memories attached to it. It’s often not only the home itself, but the strong relationships with and involvement in the surrounding community and services.
Our recent customer survey results reflect this mindset – 76% of respondents said that one of the most important things to them in retirement is continuing to own and live in their own home. Testament to this is the fact that some of their most popular loan purposes were used for this purpose: 41% used their reverse mortgage for home improvements for comfort and 32% used it for essential home repairs or modifications.
“Australian seniors want to ensure they can remain in their home during retirement, as opposed to looking at other options such as downsizing or moving into a retirement village,” says Heartland Marketing Manager Sharon Yardley. “Heartland is here to help. Our reverse mortgage is a solution to those wanting to age in place, but who don’t necessarily have the means to fund it.”
Information provided is accurate as at 21 January 2020 and may change from time to time.