The Mortgage Bankers Association's Research Institute for Housing America (RIHA) released a report that explores how older Americans' cognitive health impacts their ability to make sound decisions about their homes and finances.RIHA used data from the University of Michigan's Institute of Social Research 2012 Health and Retirement Study, which examined the housing, functional, health and cognitive status of Americans 65 years of age and older."By the time individuals are arriving into traditional retirement ages, when many important financial decisions are made, cognitive skills are already in decline as part of normal cognitive aging," RIHA noted. "This report finds a strong correlation between housing behavior and the cognitive decline of older Americans."Importantly, normal cognitive aging also correlates to a potential borrower's ability to make decisions relating to their own housing and financial situation."Homeownership rates fall with age The study fo...
- The Mortgage Bankers Association's Research Institute for Housing America released a study that examined the connection between older Americans' cognitive health and housing practices.
- The study found that as older Americans begin to struggle with memory and overall cognitive health, homeownership rates drop since they aren't able to effectively make financial decisions.
- RIHA hopes these findings will help the real estate industry craft better financial products and services for this growing population.