If you’re a homeowner age 55 or older, living in Boulder, Broomfield, or Larimer County, here’s a fresh look at something that might surprise you: you might already be sitting on a gold mine. Not gold literally, but your home equity.
Why the home equity story matters now?
Nationally, homeowners age 62 and older now hold an estimated $14 trillion in housing wealth. That’s the value of their homes minus any mortgage debt. (nrmlaonline.org)
This means older homeowners aren’t just living in their homes. They’re sitting on one of their largest financial assets in the US. This is more than all of the 401(K)s and 403(b)s combined in the United States!
What this means for Colorado homeowners?
Here in Colorado, the story holds true. While we don’t have an exact breakdown of equity for 55+ homeowners by county, we do know:
- The homeownership rate for Coloradans age 65+ is around 81.6%, according to the Urban Institute. (urban.org)
- From 2020 to 2025, average home equity in Colorado grew by about 48%, with the typical stake reaching over $218,000. (bankrate.com)
- The average homeowner in Colorado gained nearly $23,000 in equity in the last year alone. (coloradolendingteam.com)
If you’ve owned your home for a while, especially before the pandemic, you likely have more equity than you realize.
Equity = opportunity
For many, home equity still means "I might retire if I sell the house." But that’s only part of the picture. Your equity can actually be part of your retirement plan without having to sell your home and move.
Here are a few ways to think about it:
Fund goals before tapping savings
Maybe you want to take a long-planned trip, help a grandchild with college tuition, or remodel your home to age in place. Your home equity can be the solution!
Stay in your home
Rather than selling because you need the equity, you may be able to stay and still put your equity to work.
Work with your advisor
You know your goals. A reverse mortgage advisor can help evaluate all your options and can show you how you can access your equity to help support and achieve your goals.
Three simple questions to start with
- What is my home worth today? Property values have gone up more than many expect.
- How much do I owe on my home? The difference is your equity.
- What are my 5-to-10-year goals? Travel, downsizing, helping family, or aging in place all become more possible with equity access.
If you’re 55 or older, you’ve got options
While that $14 trillion figure applies to those 62 and up, there are numerous programs to access your home equity starting at age 55. That opens more doors than most people realize.
One tool that comes up often is a reverse mortgage. This option is available for eligible homeowners age 55 and older and can be used to pay off a mortgage, payoff debt, supplement income, or establish a growing line of credit for future needs.
A Colorado perspective for Boulder, Broomfield, and Larimer Counties
- If you've lived in your home for more than five years, your equity may be strong.
- Home values here rose significantly during the past decade and especially in the COVID-era housing market.
- Even if you aren’t planning to move, understanding your home’s financial role today gives you more flexibility.
- Too many homeowners delay retirement conversations simply because they didn’t know how to access the equity they’ve already earned.
A quick note of caution
Equity is a valuable asset, but it's not “free” money. Accessing it involves costs, interest, and sometimes taxes or planning considerations. Whether you're thinking about downsizing, staying put, or exploring a mortgage to access your equity, it’s worth speaking to a trusted advisor.
Ready to explore what’s possible?
At The Bodner Team at OneTrust Home Loans, we specialize in helping homeowners 55 and older understand their equity and how it fits into a broader retirement plan. Whether you’re ready to act or just exploring your options, we’re here to help.
