Awasome Do You Have To Have Home Equity Ideas. Get cash for debt consolidation, renovation & more. Subtract the amount you still owe on your mortgage from the home’s appraised value.

The value is determined by an appraisal that will be ordered by your bank or. Divide the equity in half. Most importantly, you dont have to pay back what you owe until you sell your home or move out, so a reverse mortgage boosts your retirement income.