10 Things You Should Know About Tapping Home Equity

Homeowners age 62 and older hold almost $15 trillion in home equity, nearly double the total of early 2020, according to data from the National Reverse Mortgage Lenders Association. If you own your home or another property, you have another financial resource for renovations, debt consolidation, extra income or even a business investment. But accessing that value is not as simple as withdrawing cash from the bank or selling shares in a retirement account.

Whether you need extra money now or simply want to understand the possibilities, here's what you should know about using home equity in retirement.

This post originally appeared at Kiplinger.