Tag: home equity
Paying off the mortgage frees up a lot of money for other things. The homeowners in one study splurged on big-ticket items. Older homeowners, however, are adding another priority: medications. After a mortgage payoff, workers and retirees ages 50 to 64 spent 50 percent more on prescription drugs in a comparison with households who had…
Many older Americans could benefit from using home equity for some much-needed income in retirement. But they have found many reasons not to. Some want to preserve that housing wealth for their kids. Others don’t like the idea of cashing in on the equity if it means relocating to a smaller house or apartment or…
