Older Americans have usually lived in their residence for many years and want to continue staying there as they age. However, a survey by Freddie Mac finds that many of these homeowners lack the financial means for aging in place.

In its February "Insight" report, Freddie Mac analyzed the results of a survey issued in early 2016. This survey gauged the opinions and plans of a nationally representative sample of 4,886 homeowners ages 55 and older.

The report says that while about two-thirds of respondents hope to stay in their current home, a similar share said that their current residence is not accessible for someone with arthritis, limited mobility, or in a wheelchair. Freddie Mac estimates that approximately 1.5 million older households need some retrofitting to their property, and that this number will rise to 2 million by 2030. While a simple renovation such as installing grab bars or new drawer handles will not be too costly, major accessibility upgrades can be 40 times as expensive.

"Nearly a quarter of all Baby Boomers are going to be faced with the financial realities of aging in place, which can range from a few hundred to thousands of dollars," said Sean Becketti, vice president and chief economist of Freddie Mac. "Of course, the cost depends on the type and condition of the home. Many older homes, such as many of the colonial-style homes common in the Northeast and Midwest, may not be good candidates for retrofitting. For some of them, aging in place until the bitter end may not even be a possibility. Like Betty Davis said, 'Old age is not for sissies.'"

Sixty-four percent of those ages 55 and up said they have lived in their current residence for at least 10 years, according to the latest American Housing Survey by the U.S. Census Bureau. By contrast, three-quarters of Americans under the age of 55 have lived in their home for less than a decade.

In the Freddie Mac survey, 63 percent of respondents said they would like to stay in their home instead of moving at least one more time. Sixty-four percent said they were very satisfied with their residence, and 59 percent were very satisfied with their community.

Twenty-three percent said they think their home will need major renovations to allow them to age in place. Fifty-two percent of all respondents said they were confident that they could afford to upgrade their home. Nineteen percent of respondents who expect that upgrades would be required to age in place said they wouldn't be able to afford this work, while 18 percent said they had never thought about it.

One-third of the respondents who said renovations would be necessary to age in place said they would rely on their savings, while 14 percent said they would tap into a home equity line of credit. Twelve percent said they would get a bank loan, 8 percent would get a cash-out refinance, 5 percent would get a reverse mortgage, and 2 percent would borrow money from family.

Ten percent of respondents who said accessibility upgrades were needed in their home said they would move to another residence instead of completing this work. Seventy-two percent of those who planned to move at least once more said they would buy their next home instead of renting.

Affordability was the top consideration when looking for a new residence, with 46 percent rating this as very important. Forty-four percent considered it very important that their new home have amenities for retirement, 41 percent wanted the property to be lower maintenance, and 31 percent wanted to be closer to family.

More than one-third of the respondents said they were retired but still paying the mortgage on their property. Nearly 60 percent of respondents with a mortgage on their home said they had more than 10 years left on the loan.

Respondents considered it unlikely that any other family members would be living with them in the near future. Only 15 percent had children over the age of 18 living with them, and 87 percent said it was unlikely that their children would move in within the next five years. Eighty-three percent said it was not at all likely that a parent would move in with them within five years.

Older homeowners were unlikely to either give or receive financial support for a home purchase. Eighty percent said they had not received money from their parents to help with a down payment, and 78 percent said they had not provided their children with money for a down payment. Fifteen percent said they were unwilling to provide financial assistance even though they had the means to do so.