The National Council on Aging has launched a new consumer web site focused on using home equity in retirement, funded by the Financial Industry Regulatory Authority. The site, Home Equity Advisor.org, covers home equity options including reverse mortgages for seniors looking to make the most of the wealth they have built in their homes.
The site is “designed to help older middle- and low-income homeowners make sound decisions when using their home equity to achieve a wide range of financial goals,” according to NCOA. “The Tool helps when considering an immediate financial challenge or when planning ahead for the future.
The site covers options from selling the home to preservation of home equity through trusted means, including reverse mortgages.
Through a grant from the FINRA Investor Education Foundation, the largest foundation in the U.S. dedicated to investor education, NCOA is able to offer this personalized resource for senior homeowners.
“Home equity can represent a substantial part of household wealth among low-income seniors,” said Gerri Walsh, president of the FINRA Investor Education Foundation. “The Home Equity Advisor offers timely and unbiased information to older homeowners so they can use one of their most valuable financial assets, while avoiding financial pitfalls.”
The site focuses on alternative options to selling the home.
“It used to be that the only way to access your home equity was to sell your house,” said Barbara Stucki, vice president for home equity at NCOA. “Now there are many more options for older adults, and it’s best to pick a strategy that makes financial sense for you. Remember that the decisions you make today about this valuable asset could have a big impact on your financial well-being in the future.”
View the site at HomeEquityAdvisor.org.
Written by Elizabeth Ecker