So, you bought your home in 1980 for $50,000 and now it’s worth a whopping $400,000! Woo Hoo you’re living on easy street, right? Possibly not so much. Just because your home’s value has increased doesn’t mean that your costs of staying there and maintaining that home haven’t done the same. If you’re over 65 and living on a fixed income you may be actually struggling to make ends meet.

It’s actually true that for many Baby Boomers, their home’s equity is their only and most valuable asset. But what if you don’t want to move? What if you want to stay in the home where you raised your family and now enjoy watching your grandkids grow when they come to visit Grandma and Grandpa? There are a few options for you to explore, the best one for you being determined by your needs, wants and qualifications. Here are some options for you to investigate:

  • Home Equity Credit Lines
  • Refinancing Your Current Mortgage to Provide Yourself a Cushion Fund
  • Reverse Mortgages (currently new types and more flexible options than the original format you see on a lot of commercials)

Using one of these options means that once funded, you can use the money as you deem necessary: to pay for in home care, get that necessary new furnace or roof, home maintenance or lawn care (if you no longer can do these yourself), or to even just be able to do things for and with your grandkids.  For help deciding which might be best for you, talk with your financial advisor if you have one or contact the Federal Trade Commission either by phone or online and request information regarding the different options. Do your due diligence and then live in your home, your way so you can relax and enjoy your senior years!