Homeowners can use their equity to their advantage by taking out a reverse mortgage. Unless the owner passes away, leaves the area, or sells the home, the loan doesn’t have to be paid back. While there are differences globally, in the United States you can only obtain a reverse mortgage based on the equity of your home as a first mortgage. Typically, such an option is not advised.

It’s hard to believe, but by making an additional payment every year, it’s possible to save several years of mortgage payments. You only save a few thousand dollars annually through writing off your mortgage interest on your taxes. This results in only a few cents on the dollar as a tax deduction annually.

Maybe you should take the next step and have thousands of dollars more each month.