{"id":6592,"date":"2018-11-27T15:17:42","date_gmt":"2018-11-27T23:17:42","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=6592"},"modified":"2026-04-13T07:05:03","modified_gmt":"2026-04-13T14:05:03","slug":"using-your-home-equity-for-retirement-income","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/using-your-home-equity-for-retirement-income\/","title":{"rendered":"Using Your Home Equity for Retirement Income: 5 Options to Explore"},"content":{"rendered":"<p>As the cost of living rises at <a href=\"https:\/\/www.cbsnews.com\/news\/cost-of-living-2018-increasing-at-fastest-rate-in-10-years\/\">the fastest pace in 10 years<\/a>, facing a future without a steady salary is a scary thought for retirees.<\/p>\n<p>What\u2019s more, a 2018 Retirement Confidence Survey by the Employee Benefit Research Institute found that only <a href=\"https:\/\/www.ebri.org\/docs\/default-source\/rcs\/1_2018rcs_report_v5mgachecked.pdf?sfvrsn=e2e9302f_2\">1 in 3 retirees<\/a> are \u201cvery confident\u201d that they have enough money to live comfortably throughout their retirement.<\/p>\n<figure id=\"attachment_6597\" aria-describedby=\"caption-attachment-6597\" style=\"width: 1600px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income.png\" target=\"_blank\"><img decoding=\"async\" width=\"775\" height=\"478\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-775x478.png\" class=\"attachment-content size-content\" alt=\"Chart showing how confident retirees feel about living comfortably throughout retirement.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-775x478.png 775w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-768x474.png 768w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-1536x948.png 1536w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-64x39.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-128x79.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-192x118.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-432x266.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-500x308.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income-800x494.png 800w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/retiree-using-your-home-equity-for-retirement-income.png 1600w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><\/a><figcaption id=\"caption-attachment-6597\" class=\"wp-caption-text\">Source: (<a href=\"https:\/\/www.ebri.org\/docs\/default-source\/rcs\/1_2018rcs_report_v5mgachecked.pdf?sfvrsn=e2e9302f_2\">ebri.org<\/a>)<\/figcaption><\/figure>\n<p>Using your home equity for retirement income is one way to help secure financial post-career stability, but liquidating that wealth isn\u2019t as simple as taking out cash from an ATM.<\/p>\n<p>Tough decisions start with knowing your options, so here we\u2019ll walk you through the most popular routes and help you weigh the pros and cons of each one, including:<\/p>\n<ul>\n<li>Taking out a reverse mortgage<\/li>\n<li>Tapping into a HELOC (home equity line of credit)<\/li>\n<li>Refinancing your mortgage<\/li>\n<li>Downsizing your home<\/li>\n<li>Selling your home and renting<\/li>\n<\/ul>\n<h2>Option A: Keep your home and\u2026<\/h2>\n<p>Whether you\u2019re renting or own your own home\u2014it\u2019s common knowledge that paying for a place to live is your biggest bill each month. Recent statistics show that the majority of Americans spend close to <a href=\"https:\/\/www.bls.gov\/news.release\/cesan.nr0.htm\">one-fourth of their annual income<\/a> on shelter.<\/p>\n<figure id=\"attachment_6598\" aria-describedby=\"caption-attachment-6598\" style=\"width: 1288px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income.png\" target=\"_blank\"><img decoding=\"async\" width=\"775\" height=\"623\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-775x623.png\" class=\"attachment-content size-content\" alt=\"Average expenditures and income of all consumer units.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-775x623.png 775w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-768x618.png 768w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-64x51.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-128x103.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-192x154.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-432x347.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-500x402.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income-800x643.png 800w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/table-using-your-home-equity-for-retirement-income.png 1288w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><\/a><figcaption id=\"caption-attachment-6598\" class=\"wp-caption-text\">Source: (<a href=\"https:\/\/www.bls.gov\/news.release\/cesan.nr0.htm\">bls.gov<\/a>)<\/figcaption><\/figure>\n<p>Once you\u2019ve paid off your mortgage, though, your monthly housing costs drop dramatically. Sure, you\u2019ll still need to pay for utilities, property insurance, home maintenance, and have some savings stashed away for home repairs. But overall\u2014when you own your home outright, you\u2019ll need less money to cover living expenses.<\/p>\n<p>That\u2019s why many retirees choose to keep their homes and <a href=\"https:\/\/www.seniorliving.org\/lifestyles\/aging-in-place\/\">age in place<\/a>.<\/p>\n<p>Even though you don\u2019t have a mortgage, though, you\u2019ll still have to cover those other housing costs and other necessities like food, medical needs, and transportation.<\/p>\n<p>If your <a href=\"https:\/\/faq.ssa.gov\/en-US\/\">Social Security benefits<\/a> and dividends from other <a href=\"https:\/\/www.fidelity.com\/viewpoints\/retirement\/retirement-income-strategies\">retirement assets<\/a> aren\u2019t enough to cover your monthly expenses, there are ways that your home equity can help\u2014without having to sell your house.<\/p>\n<figure id=\"attachment_8736\" aria-describedby=\"caption-attachment-8736\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"398\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage.jpg\" class=\"attachment-content size-content\" alt=\"A representation of a reverse mortgage in retirement.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage-64x36.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage-128x73.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage-192x109.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage-432x246.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-mortgage-500x284.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-8736\" class=\"wp-caption-text\">Source: (Monster Ztudio\/ Shutterstock)<\/figcaption><\/figure>\n<h3>1. Take out a reverse mortgage<\/h3>\n<p>A <a href=\"https:\/\/www.homelight.com\/blog\/reverse-mortgage-pros-cons\/\">reverse mortgage<\/a> converts your home equity into cash while allowing you to continue living in the house. Essentially, you\u2019re selling your home equity to the bank bit by bit.<\/p>\n<p>There are a number of reverse mortgage types available from a variety of lenders.<\/p>\n<p>However, it\u2019s important to note that the Home Equity Conversion Mortgage (<a href=\"https:\/\/www.hud.gov\/sites\/documents\/HECMREFORMFACTSHEET.PDF\">HECM<\/a>) is\u00a0<b>the only reverse mortgage insured by the U.S. Federal Government<\/b>.<\/p>\n<p>In the right conditions, a reverse mortgage offers the best of both worlds. But there\u2019s good reason why some financial planners say reverse mortgages are a last resort option.<\/p>\n<h4>Pro: Access to equity <b><i>and<\/i><\/b><b> no monthly mortgage payment<\/b><\/h4>\n<p>A reverse mortgage is one of only a handful of ways to access the cash value of your home equity <a href=\"https:\/\/www.consumer.ftc.gov\/articles\/0192-reverse-mortgages\">without selling<\/a>\u00a0it.<\/p>\n<p>And unlike a traditional mortgage, a reverse mortgage doesn\u2019t require a monthly mortgage payment. Instead, the bank gives you a check monthly, based on the value of the home.<\/p>\n<h4>Con: The whole loan comes due when you leave the home<\/h4>\n<p>As great as it sounds that you don\u2019t have to pay monthly on a reverse mortgage, don\u2019t ever forget that it is a loan.<\/p>\n<p>The minute the home is no longer your primary residence, your\u00a0<a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/when-do-i-have-to-pay-back-a-reverse-mortgage-loan-en-236\/\">reverse mortgage comes due<\/a> immediately\u2014whether you decide to downsize, transition into assisted living, or pass away.<\/p>\n<h4>Pro: The title remains in your name<\/h4>\n<p>\u201cMany people still assume that they have to sign the house over to the bank when they do a reverse mortgage,\u201d says <a href=\"https:\/\/www.forestviewfp.com\/team\/matthew-stewart\">Matthew Stewart<\/a>, a Certified Financial Planner with 20 years of industry experience, Chartered Financial Consultant, and president of <a href=\"https:\/\/www.forestviewfp.com\">Forestview Financial Partners, LLC<\/a>. \u201cThis isn\u2019t true. The homeowners still own the house the entire time.\u201d<\/p>\n<p>The title remains in your name, so it is possible to sell the home even if you have a reverse mortgage.<\/p>\n<h4>Con: A reverse mortgage hurts your ability to sell your house later<\/h4>\n<p>If you ever do want or need to sell your home, the reverse mortgage can complicate the process.<\/p>\n<p>\u201cWe&#8217;ve had clients who wanted to downsize, and it creates an additional difficulty because obviously that reverse mortgage has to be paid off. That can be difficult to afford, depending on how far the reverse mortgage has gone,\u201d says <a href=\"https:\/\/www.homelight.com\/agents\/kenneth-carpenter-mn-80767\">Ken Carpenter<\/a>, who ranks in the top 1% of sellers\u2019 agents in <a href=\"https:\/\/www.homelight.com\/plymouth-mn\/top-real-estate-agents\">Plymouth, Minnesota<\/a>.<\/p>\n<p>\u201cIn one case we ended up doing a <a href=\"https:\/\/www.homelight.com\/blog\/short-sale-should-you-do-it\/\">short sale<\/a>, and the lender had to agree to take a loss on the sale of the home.\u201d<\/p>\n<h4>Pro: You won\u2019t owe more than your home is worth<\/h4>\n<p>If you\u2019ve obtained an FHA-insured HECM, that\u2019s a <a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-happens-if-my-reverse-mortgage-loan-balance-grows-larger-than-the-value-of-my-home-en-1217\/\">non-recourse<\/a> loan. This means that you are not at risk of having to pay more than what you get from the sale of your home (as long as the home sells for 95% of its appraised value).<\/p>\n<p>Stewart advises, \u201cOne difference with reverse mortgages over traditional mortgages is that if the loan balance is greater than the value of the home at pay-back time, then the debt amount over the home value is forgiven.\u201d<\/p>\n<p>But this is only good news if you\u2019ve already used up all of your home\u2019s equity\u2014which is a distinct possibility with a reverse mortgage.<\/p>\n<h4>Con: You\u2019re spending down your home equity<\/h4>\n<p>With a traditional mortgage, you\u2019re slowly paying of the debt you owe on your house. With a reverse mortgage, you\u2019re adding to your debt each month. The longer you have a reverse mortgage the less equity you have left in your house.<\/p>\n<figure id=\"attachment_6599\" aria-describedby=\"caption-attachment-6599\" style=\"width: 780px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income.png\" target=\"_blank\"><img decoding=\"async\" width=\"775\" height=\"436\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-775x436.png\" class=\"attachment-content size-content\" alt=\"Infographic explaining mortgage payments over time.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-775x436.png 775w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-768x432.png 768w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-64x36.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-128x72.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-192x108.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-432x243.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income-500x281.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/home-using-your-home-equity-for-retirement-income.png 780w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><\/a><figcaption id=\"caption-attachment-6599\" class=\"wp-caption-text\">Source: (<a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_reverse-mortgage-discussion-guide.pdf\">files.consumerfinance.gov<\/a>)<\/figcaption><\/figure>\n<h3>2. Use a home equity line of credit to purchase a rental property<\/h3>\n<p>A home equity line of credit (<a href=\"https:\/\/www.bankofamerica.com\/mortgage\/learn\/what-is-a-home-equity-line-of-credit\/\">HELOC<\/a>) is a revolving credit line that uses your house as collateral. Unlike a reverse mortgage, you\u2019ll need to make a minimum payment toward the principal loan amount and the interest each month.<\/p>\n<p>Since a HELOC actually increases your monthly bills and your overall debt, it\u2019s never advisable to rely on it as a cash supplement to your retirement income.<\/p>\n<p>The only practical way to use a HELOC to generate additional retirement income is to use it as a down payment towards a <a href=\"https:\/\/www.homelight.com\/blog\/investing-in-real-estate-for-retirement\/\">rental property investment<\/a>.<\/p>\n<h4>Pro: A rental property is a tangible asset<\/h4>\n<p>Investors with free and clear cash have a choice to make between investing in\u00a0<a href=\"https:\/\/www.investopedia.com\/articles\/basics\/09\/real-estate-versus-stock-investments.asp\">real estate or the stock market<\/a>. Both come with risks and benefits, making it a personal preference decision.<\/p>\n<p>However, when your investment capital is coming out of your primary residence via a HELOC, purchasing a rental property is the clear choice.<\/p>\n<p>\u201cA lot of people are looking at rental properties as additional income for those retirement years. It\u2019s a physical asset, so it&#8217;s certainly more stable,\u201d says Carpenter.<\/p>\n<p>Since land is an <a href=\"https:\/\/www.investopedia.com\/articles\/mortgages-real-estate\/08\/housing-appreciation.asp\">appreciating asset<\/a>, in the long run your investment will continue to grow\u2014unlike a risky investment in a volatile stock market, where your investment could lose value.<\/p>\n<h4>Con: It takes time to liquidate a rental property<\/h4>\n<p>For many retirees, home equity serves as their \u201cin case of emergency\u201d funds, available to pay off large, unexpected expenses like a new roof or medical bills. But if you\u2019ve already used a HELOC as a down payment on a rental property, you may not have enough equity left in reserve.<\/p>\n<p>You can sell off that rental property to cover emergency expenses, however that\u2019ll take some time. A recent report says that homes spent an average of <a href=\"https:\/\/news.remax.com\/press-release\/remax-national-housing-report-for-october-2018\">48 days on market<\/a> before selling. And selling a rental home with an <a href=\"https:\/\/www.nolo.com\/legal-encyclopedia\/tips-selling-property-with-existing-tenants.html\">existing tenant<\/a> can further complicate and delay the sale.<\/p>\n<h4>Pro: An investment property guarantees a monthly rental income<\/h4>\n<p>If you\u2019ve found the right investment property for you, the dividends from rent will allow you to pay back the HELOC, cover expenses for the rental property, and to supplement your monthly income.<\/p>\n<p>\u201cThe stock market has been very unstable this year. So if you had a $300,000 investment in the stock market, there\u2019s probably been no return this year,\u201d advises Carpenter. \u201cBut had you purchased a rental property for $300,000, you would have had an income of approximately $24,000, which is about a 7 or 8% return.\u201d<\/p>\n<h4>Con: You\u2019re increasing your monthly housing expenses<\/h4>\n<p>Owning a house costs money. Owning two houses costs more. Property taxes, maintenance, and other fees add up.<\/p>\n<p>Plus, you\u2019ll want to hire a property manager to find and communicate with tenants, collect the rent, and make minor repairs. This will cost around\u00a0<a href=\"https:\/\/www.thumbtack.com\/p\/property-management-fees\">$80 to $90 a month<\/a> or more.<\/p>\n<figure id=\"attachment_6606\" aria-describedby=\"caption-attachment-6606\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"390\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income.jpg\" class=\"attachment-content size-content\" alt=\"A man explaining how to use home equity as retirement income to a couple.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income-64x36.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income-128x71.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income-192x107.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income-432x241.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/refinance-using-your-home-equity-for-retirement-income-500x279.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-6606\" class=\"wp-caption-text\">Source: (Thomas Drouault\/ Unsplash)<\/figcaption><\/figure>\n<h3>3. Refinance your mortgage<\/h3>\n<p>If you haven\u2019t fully paid off your home yet, and you\u2019re still carrying a mortgage from years ago when interests rates were <a href=\"https:\/\/www.valuepenguin.com\/mortgages\/historical-mortgage-rates#nogo\">7-8% or higher<\/a>, refinancing may be a smart way to access some of your home equity.<\/p>\n<h4>Pro: You can pull out some equity when you refinance<\/h4>\n<p>Today\u2019s mortgage rates are hovering <a href=\"https:\/\/www.bankrate.com\/finance\/mortgages\/current-interest-rates.aspx\">around 4-5%<\/a>. So you could pull out a lump sum of your equity when you <a href=\"https:\/\/www.homelight.com\/blog\/should-i-refinance-my-mortgage-or-sell\/\">refinance your home<\/a> and still be paying less than you are now.<\/p>\n<h4>Con: Refinancing interest rates are typically higher<\/h4>\n<p>Don\u2019t let those low mortgage rates fool you. If you\u2019re refinancing instead of buying new, those rates are often slightly higher, depending on the loan type and how you structure the loan.<\/p>\n<p>Every mortgage lender determines its own rates, which is why experts recommend that you\u00a0get quotes from multiple lenders\u00a0and brokers.<\/p>\n<h4>Con: Refinancing will cost you<\/h4>\n<p>Refinancing isn\u2019t cheap. First off, you\u2019re going to have closing costs and lender fees which are typically\u00a0<a href=\"https:\/\/www.federalreserve.gov\/pubs\/refinancings\/\">3% to 6%<\/a>\u00a0of your outstanding principal on your existing mortgage. You may also be on the hook to pay a <a href=\"https:\/\/www.homelight.com\/blog\/sell-home-with-mortgage\/\">prepayment penalty<\/a> to your original lender.<\/p>\n<p>You\u2019re probably extending the life of your mortgage, too. The shortest term for most mortgages is 15 years.<\/p>\n<p>If you do manage to find a lender to give you a <a href=\"https:\/\/www.lendingtree.com\/home\/mortgage\/rates\/5-year-fixed-mortgage-rates\/\">5-year, fixed rate mortgage<\/a>, the monthly payment may wind up being more than you\u2019re paying now, depending on how much equity you pull out of your house.<\/p>\n<figure id=\"attachment_8737\" aria-describedby=\"caption-attachment-8737\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"397\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale.jpg\" class=\"attachment-content size-content\" alt=\"\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale-64x36.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale-128x73.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale-192x109.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale-432x245.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-sale-500x284.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-8737\" class=\"wp-caption-text\">Source: (Andy Dean Photography\/ Shutterstock)<\/figcaption><\/figure>\n<h2>Option B: Sell your home, liquidate your equity and&#8230;<\/h2>\n<p><a href=\"https:\/\/www.homelight.com\/home-value-estimator\">How much is your home worth<\/a>? It depends. You can\u2019t always count on your home being worth as much tomorrow as it is today.<\/p>\n<p>Until you sell, your home\u2019s value is just a number on a piece of paper. That number can change as the real estate market shifts between <a href=\"https:\/\/www.homelight.com\/blog\/current-real-estate-market\/\">buyer&#8217;s, seller&#8217;s, and balanced<\/a> market conditions.<\/p>\n<p>During the notorious 2008 financial crisis and the subsequent <a href=\"https:\/\/www.businessinsider.com\/impact-of-2008-crash-on-housing-2016-2\">housing market crash<\/a>, home values fell fast. Luckily, as the economy recovered, so did home values\u2014and they\u2019ve recently surpassed <a href=\"https:\/\/www.realtrends.com\/blog\/2018\/05\/24\/home-values-rise-at-fastest-pace\/\">peak values set in 2006<\/a>.<\/p>\n<figure id=\"attachment_6600\" aria-describedby=\"caption-attachment-6600\" style=\"width: 1600px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income.png\" target=\"_blank\"><img decoding=\"async\" width=\"775\" height=\"341\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-775x341.png\" class=\"attachment-content size-content\" alt=\"Graph showing house price index trends in housing market.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-775x341.png 775w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-768x338.png 768w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-1536x676.png 1536w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-64x28.png 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-128x56.png 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-192x84.png 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-432x190.png 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-500x220.png 500w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income-800x352.png 800w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/fred-using-your-home-equity-for-retirement-income.png 1600w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><\/a><figcaption id=\"caption-attachment-6600\" class=\"wp-caption-text\">Source: (<a href=\"https:\/\/fred.stlouisfed.org\/series\/USSTHPI\">fred.stlouisfed.org<\/a>)<\/figcaption><\/figure>\n<p>Plus, there\u2019s been significant <a href=\"https:\/\/corpgov.law.harvard.edu\/2010\/11\/20\/the-financial-panic-of-2008-and-financial-regulatory-reform\/\">financial regulatory reform<\/a> to stave off such a dramatic economic crisis in the future. So, while your home\u2019s value may fluctuate, it\u2019s unlikely to take a dramatic dive.<\/p>\n<p>However, there are signs that <a href=\"https:\/\/www.zillow.com\/research\/2026-housing-predictions-35800\/\">home values are leveling off<\/a>, and may even be falling slightly in some areas. Some economists are even advising that if you&#8217;re considering selling your house, you should <a href=\"https:\/\/www.gfmreview.com\/markets\/thinking-of-selling-your-home-do-it-before-2020-economists-say\">sell before 2020<\/a>.<\/p>\n<p>So, if you\u2019re happy with your home\u2019s current market value, and you want to access every last cent of that equity, the only way to do it is to sell it.<\/p>\n<p><a href=\"https:\/\/www.homelight.com\/blog\/downsizing-house-for-retirement\/\">Selling the home where you\u2019ve raised your kids<\/a> and made precious memories is a heart-wrenching decision\u2014but the financial freedom that comes with unloading your now too-big home makes the process easier.<\/p>\n<p>The question is: \u201cWhat do I do now that I\u2019ve sold my home?\u201d<\/p>\n<h3>4. Downsize into a smaller home<\/h3>\n<p>Now that the kids have moved out, you can get by with a cozy one- or two-bedroom house. Perhaps you\u2019ll find one in a retirement community, or buy a place closer to your family, or even purchase a <a href=\"https:\/\/www.homelight.com\/blog\/downsizing-home-ideas\/\">property in a warmer, Southern, retirement-friendly state<\/a>.<\/p>\n<p>Once you\u2019ve sold your larger, more expensive house, you can use the proceeds to make an <a href=\"https:\/\/www.investopedia.com\/articles\/personal-finance\/111214\/buying-home-cash-vs-mortgage.asp\">all-cash purchase<\/a> of a smaller, more accessible home. With no mortgage to pay, and the excess home equity to use as a nest egg, you\u2019ll have more time and money to enjoy your retirement.<\/p>\n<h4>Pro: Downsizing into a more accessible home means aging in place longer<\/h4>\n<p>While you may be the picture of health right now, you need to think long-term when choosing your next home.<\/p>\n<p>Because <a href=\"https:\/\/www.homelight.com\/blog\/senior-downsizing-property-types-features\/\">downsizing<\/a> isn\u2019t just about going smaller, it\u2019s about buying a smaller home that\u2019s outfitted with features that\u2019ll allow you to age in place longer.<\/p>\n<p>For example, bypass any <a href=\"https:\/\/www.homelight.com\/blog\/downsizing-tiny-house\/\">tiny houses<\/a> that include stairs (two-story or raised foundations). Instead, opt for a ranch-style home so you\u2019ll have fewer issues if mobility ever becomes an issue.<\/p>\n<p>Other <a href=\"https:\/\/www.thisoldhouse.com\/ideas\/6-ideas-elder-friendly-design\">senior living features<\/a> to consider: wheelchair accessibility, showers with built-in seating, and easy-open lever door handles instead of hard-to-turn knobs.<\/p>\n<h4>Con: You\u2019ll have to get used to the reduced square footage<\/h4>\n<p>Sure, you knew that moving into a smaller home meant paring down your stuff, but you may be shocked by <a href=\"https:\/\/www.homelight.com\/blog\/downsizing-tips-for-seniors\/\">just how much you need to purge<\/a>.<\/p>\n<p>Not only do you need to <a href=\"https:\/\/www.homelight.com\/blog\/how-to-declutter-checklist\/\">cut back on the clutter<\/a>, but your tiny home may not even have room enough for your existing furniture. Instead of your 8-person dining set, you may only have space for a table for two. Same goes for your massive, sectional sofa and your California King mattress.<\/p>\n<p>Entertaining can be an issue, too. It\u2019s hard to host a formal dinner at a dainty caf\u00e9 table. Luckily, there are ways to <a href=\"https:\/\/www.homelight.com\/blog\/downsizing-your-home-with-style\/\">maximize your small space with creative multi-use furnishings<\/a>.<\/p>\n<h4>Pro: A smaller home helps you cut back on housing costs<\/h4>\n<p>Aside from accessibility, one of the key reasons retirees downsize is to cut costs.<\/p>\n<p>In most cases, smaller homes have <a href=\"https:\/\/money.usnews.com\/investing\/articles\/2017-02-10\/benefits-of-downsizing-your-home\">lower utility costs<\/a>, lower homeowner\u2019s insurance expenses, and lower property taxes (assuming you\u2019ve stayed within the same neighborhood or moved to an area with equitable cost of living expenses).<\/p>\n<p>If you purchase a property in a <a href=\"https:\/\/www.seniorliving.org\/retirement\/55plus-communities\/\">55+ community<\/a>, many of these expenses may be included in your monthly dues\u2014along with landscaping and exterior maintenance.<\/p>\n<h4>Con: Smaller, cheaper homes offer less equity<\/h4>\n<p>One simple fact downsizers often overlook is: a house that costs less, is worth less. This means that you\u2019ll have less home equity to access in an emergency situation.<\/p>\n<p>Once you sell, that home equity you spent years accumulating will go to cover closing costs, moving expenses, and the price of the new house. If you use what\u2019s left of your converted-to-cash equity to supplement your retirement income, you\u2019ll slowly be spending away your nest egg.<\/p>\n<p>Plus, <a href=\"https:\/\/www.businessinsider.com\/downsizing-home-may-not-cut-expenses-2013-1\">downsizing may cost more<\/a> than you\u2019re anticipating, leaving you less of a nest egg to begin with.<\/p>\n<figure id=\"attachment_8738\" aria-describedby=\"caption-attachment-8738\" style=\"width: 700px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet.jpg\" target=\"_blank\"><img decoding=\"async\" width=\"700\" height=\"382\" src=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet.jpg\" class=\"attachment-content size-content\" alt=\"A man relaxing in water after using home equity for retirement.\" srcset=\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet.jpg 700w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet-64x35.jpg 64w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet-128x70.jpg 128w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet-192x105.jpg 192w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet-432x236.jpg 432w, https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2018\/11\/using-your-home-equity-for-retirement-income-feet-500x273.jpg 500w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><figcaption id=\"caption-attachment-8738\" class=\"wp-caption-text\">Source: (Sebastian Unrau\/ Unsplash)<\/figcaption><\/figure>\n<h3>5. Become a renter<\/h3>\n<p>Let\u2019s face it\u2014being a homeowner can be a hassle. It takes a lot of work to clean and maintain a 2,000+ square-foot home, not to mention all the yard work.<\/p>\n<p>And when you\u2019re the owner, you\u2019re on the hook if things go wrong, like termites or storm damage to your roof.<\/p>\n<p>When you <a href=\"https:\/\/www.homelight.com\/blog\/should-you-sell-house-rent-retire\/\">become a renter<\/a>, you\u2019re free of that responsibility.<\/p>\n<p>Plus, in some regions, it\u2019s actually\u00a0<a href=\"https:\/\/www.aarp.org\/money\/retirement\/relocation-rent-or-buy-decision\/\">cheaper to rent<\/a>\u2014at least in the short term. It all comes down to\u00a0<a href=\"https:\/\/www.kiplinger.com\/tool\/retirement\/T047-S001-retirement-savings-calculator-how-much-money-do-i\/index.php\">running the numbers<\/a>.<\/p>\n<h4>Pro: Home maintenance is no longer your problem<\/h4>\n<p>A major reason that many retirees sell their homes to <a href=\"https:\/\/www.homelight.com\/blog\/proceeds-from-sale-of-home\/\">live large off of the proceeds<\/a>\u2014so that home maintenance becomes someone else\u2019s problem.<\/p>\n<p>Your roof\u2019s leaking? Call your landlord. Grass needs trimming? Call your landlord. Kitchen faucet keeps leaking? Call your landlord.<\/p>\n<p>You get the picture.<\/p>\n<p>And, since you\u2019re no longer tied to a house, if you don\u2019t like where you\u2019re living you can move as soon as your lease is up.<\/p>\n<h4>Con: You no longer own an appreciating asset (and rents can rise)<\/h4>\n<p>All of those years you spent paying off your mortgage you were investing that money into an asset that you own. And that\u00a0<a href=\"https:\/\/www.fool.com\/retirement\/retirement-step-8-your-house.aspx\">equity acted as a safety net<\/a>\u00a0to cover unexpected expenses, like home repairs and medical care.<\/p>\n<p>When you rent, all of that money goes into someone else\u2019s pocket.\u00a0Essentially, you\u2019ll be spending down your home\u2019s equity to finance in your twilight years.<\/p>\n<p>And you may run through that money faster than you\u2019d expect.<\/p>\n<p>Experts say that you\u2019ll spend upwards of <a href=\"https:\/\/www.quicken.com\/home-budget-cost-living-reality-check\">one-third of your annual income<\/a> on rent. And rents aren\u2019t locked in like mortgage payments are\u2014so over time, you\u2019ll l wind up spending more than you expect to on housing costs.<\/p>\n<h2>So, what is the best way to access home equity in retirement?<\/h2>\n<p>Unfortunately, there\u2019s no easy answer to this question. Factors like your retirement income, the condition of your home, and your financial needs all play a role in helping you make this deeply personal decision.<\/p>\n<p>The good news is that, as a homeowner, you\u2019re living in a substantial asset that offers you significant financial security, no matter how you decide to access it.<\/p>\n<p>And if you decide that selling is the right move for you, make sure you hire a <a href=\"https:\/\/www.homelight.com\/blog\/seniors-real-estate-specialist-sres-designation\/\">real estate agent who\u2019s worked with retirees<\/a> and can guide you through the next steps with ease.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Using home equity for retirement income is one way to help secure your future, but liquidating that wealth isn\u2019t as simple as taking out cash from an ATM. <\/p>\n","protected":false},"author":37,"featured_media":6601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[429,319],"tags":[],"class_list":["post-6592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","category-selling-advice"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Using Your Home Equity for Retirement Income: 5 Options to Explore<\/title>\n<meta name=\"description\" content=\"Using home equity for retirement income is one way to help secure your future, but liquidating that wealth isn\u2019t as simple as taking out cash from an ATM.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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