Make the most of the home you own

Options include refinancing to a lower rate or longer term, removing mortgage insurance once you reach 20% equity, appealing your property tax assessment, shopping your homeowners insurance, or consolidating higher-rate debts with Extra Credit to free up monthly cash.

When the savings each month repay the cost of refinancing within the time you expect to keep the loan. Divide the closing costs by the monthly saving to find the break-even point in months.

For homeowners aged 62 and over, a reverse mortgage (most commonly the FHA-insured HECM) lets you turn part of your home equity into cash, without monthly mortgage payments. You still pay property taxes, insurance and upkeep, and the loan is repaid when you sell, move out or pass away. Independent counseling is required before applying.

On a conventional loan you can usually ask to cancel private mortgage insurance once you reach 20% equity, and it ends automatically at 22% based on the original value. FHA rules differ: on many FHA loans the premium lasts for the life of the loan, which is one reason homeowners refinance later.