There are ways to fund retirement expenses with your home's equity, but the best option could vary for each senior.
Over the past few years, home equity levels have increased substantially nationwide. In fact, as of the first quarter of 2024, the average homeowner had seen their equity increase by $28,000 year-over-year, according data from CoreLogic. That uptick in home equity began in 2020 and was driven, in large part, by a mix of low rates, low for-sale home inventory and high demand by buyers.
In turn, this option is often best for those who don't have children or heirs they want to leave their home to, says Gloria Cisneros, a certified financial planner at wealth management firm LourdMurray. Or, it could make sense to use a reverse mortgage if you have other assets set aside for your heirs, according to Cisneros.
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