How do I best use the value of my house in retirement?

  • A house is not a retirement plan! It may be your biggest asset, but housing prices fluctuate. You still need other forms of savings.
  • If at all possible:
    • Pay off your mortgage before you retire
    • Plan so you do not need to use home equity
  • Reverse mortgages should be evaluated carefully: investigate all charges, fees, and other options. The amount you can borrow may be affected by factors such as age, equity in your house and the prevailing interest rate, and mortgage counseling is mandatory.
  • Home equity loans should be assessed based on research and your specific needs. Get advice from a qualified financial planner about your best options.