By Grant MercerLast updated Oct. 7, 2026Image: Diogo Miranda/Pexels
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Homeowners 62 and older held a record $14.92 trillion1 in home equity in the first quarter of 2026, according to the National Reverse Mortgage Lenders Association. For most retirees, the house is the biggest thing they own.
It’s also the biggest bill. Property taxes, insurance and repairs keep climbing, and plenty of retirees are house-rich and cash-poor: hundreds of thousands of dollars in equity, and a tight monthly budget.
Here’s how to cut what your home costs you, and, when it makes sense, put that equity to work without selling:
Reverse Mortgages: Turn equity into monthly income with no mortgage payment
If you’re 62 or older and own your home outright or close to it, a reverse mortgage lets you turn part of that equity into a lump sum, monthly payments or a line of credit, with no monthly mortgage payment. Many people use it to pay off an existing mortgage and free up their whole Social Security check.
Mutual of Omaha Reverse Mortgage can show you how much you could access based on your age, your home’s value and current rates.
The loan balance grows over time and is repaid when the home is sold or the last borrower moves out. You still pay property taxes, insurance and upkeep, and federal rules require a counseling session first.
Here’s how it works:
- Share your age, ZIP code and a rough estimate of your home’s value.
- A licensed loan officer shows how much you could access and how you’d receive it.
- Complete the required HUD-approved counseling session before anything is final.
See how much you could get with a Mutual of Omaha reverse mortgage
Senior home equity rose by about $315 billion in a single quarter in early 2026, driven by rising home values, while senior-held mortgage debt rose only about $10.5 billion.
Ask every reverse mortgage lender for the total loan costs in writing, including the upfront mortgage insurance premium and closing costs, and compare at least two.
Home Equity Without a Loan: Get cash for a share of your home's future value
A home equity investment gives you a lump sum today in exchange for a share of your home’s future value. There are no monthly payments and no interest, and there’s no age requirement.
Hometap settles up when you sell, refinance or buy them out, within 10 years. The trade-off: if your home rises a lot in value, you give up a meaningful share of that gain, so it works best for people who need cash now and plan to sell within the term anyway.
See how much cash Hometap could offer on your home
Staying for Decades: Get cash from your house with a 30-year window
Most home equity investments have to be settled within about 10 years, which can force a sale or refinance you didn’t plan on. If you intend to stay in the house for the long haul, the length of the term matters as much as the cash.
Point offers home equity investments with a term of up to 30 years and no monthly payments. You get a lump sum now and settle up when you sell or at the end of the term.
Ask for the exact share of your home’s value they’d take and what you’d owe at different home values.
Get a free estimate from Point
Home Equity Line: Compare HELOC offers if you'd rather borrow than sell a share
If you have steady income and good credit, a home equity line of credit usually costs less over time than giving up a share of your home’s future value. You borrow only what you need and pay interest only on what you use.
LendingTree lets you compare home equity offers from multiple lenders with one form. Ask about the rate after any intro period ends and whether the line can be frozen or reduced.
Compare home equity offers on LendingTree
Homeowners Insurance: Stop overpaying at renewal
Homeowners insurance prices have climbed sharply in many states, and renewal notices rarely explain why. A higher deductible, a newer roof on file, a monitored alarm or bundling with auto can bring the premium down.
SmartFinancial gathers quotes from several insurers at once. Compare the same dwelling coverage, and check whether each policy pays replacement cost or actual cash value after a claim.
Here’s how it works:
- Enter your ZIP code and a few details about your car or home.
- See quotes from multiple insurers side by side.
- Switch only if the same coverage costs less, or keep the policy you have.
Compare homeowners insurance quotes
Aging in Place: Stay in your home safely with a medical alert
Most retirees want to stay in the home they own as long as possible. The biggest threat to that isn’t money, it’s a fall nobody knows about.
MobileHelp makes medical alert systems with 24/7 monitoring, for use at home and on the go. Press the button and a trained operator answers and sends help, and some devices can detect falls automatically.
It’s a monthly service, and one of the simplest ways to make staying in the house safer.
See MobileHelp's medical alert systems
Home Care: Compare in-home help so you can stay in your house
Most retirees want to stay in their own home, and often the thing that makes that possible isn’t a renovation. It’s a few hours a week of help with meals, errands, bathing or getting to appointments.
Caring.com lets you compare local home care agencies and read reviews from other families, and its advisors can help you sort out costs and what Medicare or long-term care insurance might cover.
Ask each agency for its hourly rate and minimum number of hours per visit.
Compare home care agencies near you on Caring.com
Property Taxes: Claim the senior break your county won't apply for you
Most states offer older homeowners property tax relief: homestead exemptions, assessment freezes, deferrals until the home is sold, and circuit-breaker credits tied to income. Very few counties apply them automatically, and missing a deadline can cost a full year.
RetireShield’s Property Tax & Home-Cost Relief Kit lays out all five kinds of relief, plus heating and home-repair help, with a renewal calendar so you don’t miss the next deadline.
Get the Senior Property Tax & Home-Cost Relief Kit
Downsizing: Get free help comparing senior living options
If the house is getting to be too much, selling and moving can free up a large share of your equity. The hard part is knowing what’s out there, from independent living to assisted living, and what each costs in your area.
A Place for Mom connects families with local senior living advisors who know the communities near you. The service is free to families, because communities pay them.
Tour more than one place, ask what’s included in the monthly fee, and get any price quote in writing.
Talk to a senior living advisor at A Place for Mom
Bundle Home and Auto: See what the two policies cost together
Most insurers knock a meaningful percentage off when your home and car are on the same account, but plenty of retirees still have them with two different companies they picked decades ago.
Policygenius compares home and auto policies from multiple insurers, so you can see whether a bundle beats what you pay for the two separately.
Compare the same coverage limits and deductibles on both policies, not just the combined price.
Compare home and auto bundles with Policygenius
Fair Credit: Get cash from your equity even if your score isn't great
A home equity loan or HELOC usually needs good credit and enough income to cover a new monthly payment, which shuts out a lot of retirees on a fixed income.
Unlock qualifies homeowners with lower credit scores than most lenders accept and offers cash today in exchange for a share of your home’s future value, with no monthly payments. You settle up when you sell or buy out the agreement within the term.
As with any home equity agreement, if your home rises a lot in value you give up a meaningful share of that gain, so compare the total cost at different home values.
See how much cash Unlock could offer on your home
Big Decisions: Talk it through with an advisor before tapping equity
Staying, downsizing, a reverse mortgage or a home equity investment: the right answer depends on your other savings, your health, your heirs and how long you plan to stay. Getting it wrong is expensive and hard to undo.
Datalign Advisory matches you with financial advisors in your area who can compare your options side by side. Ask any advisor exactly how they’re paid.
Get matched with a financial advisor near you
Credit Card Debt: Options for card balances that compete with home costs
Card balances at 22% interest compete with the property tax and insurance bills that come with owning a home.
CuraDebt connects consumers with independent debt relief providers. If you have $15,000 or more in unsecured debt, such as credit cards, medical bills or personal loans, a free evaluation shows the options that may be available before you decide anything. Debt amount is one factor and does not determine qualification.
Here's how it works:
- Answer a few questions about what you owe.
- A specialist reviews your balances and explains the options that may be available.
- If a program fits, you see the estimated cost and timeline before you decide.
Advertisement. CuraDebt connects consumers with independent debt relief providers. Results not guaranteed. Debt amount is only one factor and does not determine qualification. Not all consumers qualify, and not all debts are eligible. Creditors are not required to agree to settlements. Debt relief services may adversely affect your creditworthiness. Typical program duration is 24 to 48 months. This site may be compensated for referrals to CuraDebt.
Downsizing Proceeds: Protect part of the money with precious metals
If you sell and downsize, you may suddenly have a large sum sitting in a bank account. Some retirees put part of it into physical gold and silver as a hedge against inflation, held at home or inside an IRA.
Lear Capital has sold gold and silver to retirement savers for decades. Metal prices fall as well as rise, and dealers charge a markup over the spot price, so ask for the total cost and the buyback price before you buy.
Learn about precious metals from Lear Capital
Investments carry risk. Past performance is not a guarantee of future results. We may be compensated if you sign up through this link.
Lifetime Income: Turn sale proceeds into a monthly paycheck
After a downsize, some retirees put part of the proceeds into an income annuity that pays every month, for a set number of years or for life. It turns a one-time sale into a steady check on top of Social Security.
Annuity.org explains how the different types work and can connect you with a licensed professional. Annuities can be hard to undo and some carry surrender charges, so compare several quotes.
Learn how income annuities work at Annuity.org
Start with the moves that lower what the house costs you each year, since they carry no risk. If you’re considering a reverse mortgage or a home equity investment, compare at least two offers and talk it through with family before you sign.
For more money moves like these, sign up for the free Retirement Money Brief.
