Home equity is considered insurance for unexpected expenses, say the majority of retirees and those that are soon to be retired.
Seventy-two percent of respondents in a recent poll by Harris Interactive and the Center for Retirement Research at Boston College said they have no plans to use home equity as a current source of income, but within the next 5 years expect to dip into savings to cover expenses during retirement.
The survey was titled "Do People Plan to Tap their Home Equity in Retirement?"
