Retirement should be a time of rest and relaxation when your work is done. Millions of Americans are set to retire by 2030 and they may carry significant debt—a nation-wide average of $105,000. The good news: American homeowners are sitting on an average of $311,000 in equity.

Ask yourself, what can your home equity do for you?

First, it can eliminate unsecured debt—credits cards, car payments, medical bills, etc.—and reduce your monthly expenditures through a debt consolidation loan. Beginning with the 2025 tax year, debt on this type of home equity may be tax deductible (double check with your tax advisor). This is good news for retirees, who often find themselves with few or no deductions at tax time.

Secondly, if you have owned a home long enough to acquire equity, it probably needs repairs and renovations. It’s smart to address that leaky roof or elderly water heater now. Have you been cooking in the same kitchen since the 1980s? A home equity can give you peace of mind, a sound roof, hot water, and a new kitchen.

Questions? Ready to tap your home’s equity? Give us a call at 503.588.0211 option 4 or email mortgage@ourgrovecu.com. Written by Elena Christian