Q&A: When You’re Retired, Should You Use Home Equity or Savings for a Remodel?

If you’re retired, you may not have enough income to pay for a home remodel, so you’ll have to decide between using savings or a home equity loan. While using savings might seem more sensible than taking on debt when you’re retired, it’s also critical to maintain enough liquidity in case of a sudden change in circumstances. Using home equity to obtain a loan for a remodeling project or renovation can therefore be a smart move for some people. So tune in to today’s Real Estate Minute for my advice to this senior looking to remodel his home in the most financially responsible way possible. Be sure to subscribe to my YouTube channel for the latest real estate tips and news: http://www.youtube.com/subscription_center?add_user=expertrealestatetips And for more of my real estate and personal finance tips: Read my blog: http://thinkglink.com See my tweets: http://www.twitter.com/glink Follow me on Facebook: http://www.facebook.com/ilyceglink