Establish Equity Line before Retirement
Before you retire, you should consider setting up a large equity line. It is best to do this before retirement while you still have a steady income. This equity line can provide you with a reserve source of funds that may be needed for such purposes as unforeseen medical costs, major home repairs, etc. The line provides cash to cover short-term needs. So, obtain a line as large as the bank will provide. Remember, an equity line is a loan against the equity in your home that allows you to borrow and repay the loan as often as needed.