90pc of holder homeowners ‘want to remain in their home in retirement’
LONDON: Results from a 2021 survey conducted by leading reverse mortgage provider revealed that 89.9% of respondents found it important or very important to remain in their homes during retirement.
The survey, conducted as part of a partnership with lifestyle website GrownUps, asked over 2,000 Kiwis aged 50+ for their thoughts on homeownership, retirement, NZ Super, reverse mortgages and more. The findings support the theory that many Kiwis and Australians are looking to ‘age in place’ rather than downsize, move to a retirement village or move in with family.
“We’ve been seeing anecdotal evidence for years that our customers are wanting to retire in the comfort of their own home,” explains Heartland’s General Manager of Reverse Mortgages, Andrew Ford. “This survey has confirmed that ageing from home is becoming a more popular option, despite the challenges that can come with it for people who have the majority of their wealth locked up in their property.”
The survey also revealed that only 12.3% of respondents feel that NZ Super on its own will be enough to fund the retirement they desire, highlighting that for many retirees, limited superannuation and the rising cost of living is restricting the ability to comfortably age in place.
